01 September 2014

KWM Connect: A roadmap to cross-border finance II - An update

Thank you for your interest in our publication “A Roadmap to Cross-border Finance”. There have been developments since the date of that publication which substantially change the PRC cross-border finance regime. In this issue, we update that publication to reflect the changes and subsequent practices that have been adopted by market participants.

The key changes:

  • ƒFacilitate cross-border credit support payable in foreign exchange (FX):
    • parties are generally free to provide and take cross-border security without SAFE’s prior approval
    • the security provider may perform its payment obligations without SAFE’s prior approval if the security is registered
    • onshore individuals may give cross-border credit support;
  • ƒRelax inbound finance for corporate entities incorporated in the China (Shanghai) Pilot Free Trade Zone (Shanghai FTZ)
  • ƒExpand the FX and Renminbi (RMB) centralised management pilot programmes across China.

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