Both China and Hong Kong are attempting to tackle businesses that have deliberately mis-invoiced goods traded across the border to sneak money offshore.
Amid reports of cyberattacks designed to hack the user end of a Swift software interface, CT checks where risk and accountability align for firms in the event of cyberfraud.
With the increasing liberalisation of renminbi, corporates such as IKEA are using it for trade settlement, treasury currency, as well as an investment instrument.
China’s new payment system will bolster capital flows on and offshore, providing a foundation for capital account convertibility, according to a HSBC top Asia cash and payments banker.