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.
China puts outbound trade payments under the microscope in bid to tackle illegal foreign exchange transactions. For treasurers, it means more work to comply and big risks for those that fail to do so.
The Chinese firm had fewer than 180 days to put together the dollar liquidity to pay for GE’s home appliance business. Its trading head tells CT how it was done and why it now uses a specialist FX trading platform
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.