Offshore RMB Funds: A New Possibility

Law360, New York (October 28, 2011, 12:44 PM EDT) -- On Oct. 12, 2011, the Chinese Ministry of Commerce issued final rules governing direct investments in China of renminbi (RMB) obtained offshore (“yuan-denominated foreign direct investment” or “RMB FDI”), called the “Circular on Issues related to Cross-Border RMB Direct Investment” (the “circular”).

The circular represents China’s first step in establishing a regulatory regime governing direct investment of offshore RMB and is part of several currency reform initiatives announced by Chinese Vice Premier Li Keqiang during his official visit to Hong Kong in August 2011.

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