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Sources confirm access to onshore CNY rates will be available offshore to companies within two weeks, reducing the need for them to open onshore accounts.
The central bank is now making it easier for renminbi to be remitted, but conditions still apply. Treasurers in China are, however, holding fire until more information is available, CT understands.
China shortens the timeframe it considers when calculating the renminbi's daily fixing rate, with trading during the day onshore no longer included.
Safe relaxes onshore FX settlement to encourage the use of offshore funds and tightens outbound lending in a bid to bring capital back onshore. It also clarifies reporting requirements.
The new renminbi basket has a lower weighting for the US dollar, but the new fix and spot rates against the dollar could mean greater volatility, analysts warn.
Corporates face curbs on 'irrational' outbound deals and stronger scrutiny of big-ticket FX transactions under the capital account, regulators confirm.
As government regulators try to stem capital outflows, big-ticket FX purchases and settlements under corporate capital account items face tougher scrutiny.
Bank Indonesia’s no-dollar rule for cash and non-cash domestic transactions is in effect, exposing some treasurers to more rupiah volatility. They are looking closely at the policy’s exemptions and grace measures to ...
Regulatory roundup: Mandatory rupiah use is in effect, with grace measures; Singapore plots M&A rule changes; India offers up new interbank benchmark