China will eliminate the requirement for ministry-level approval on foreign direct investment (FDI), as well as expand Value Added Tax reform; and the Philippines SEC hikes transaction fees.
While corporates are not able to directly participate in China’s new negotiable certificates of deposit market, China regulatory experts contend the new market should raise renminbi deposit rates.
The PBOC introduces trading in negotiable certificates of deposit; 159 countries sign the the Bali Trade package to break down trade barriers; and the FTA gives input on systemic risk in Australia.
The Shanghai Free Trade Zone (FTZ) will use special accounts to allow trade settlements and trade finance in renminbi, effectively establishing an “offshore” trade centre within its borders.
China will allow residents in the Shanghai Free Trade Zone to set up free trade accounts denominated in renminbi and foreign currencies; South Korea will make Initial Public Offerings easier.
Channing P. Flynn, a tax partner at Ernst & Young, advises on how China’s technology companies should consider the location of servers, and check their tax forecasts in the cloud computing age.
A pilot reform that allows foreign guarantors on loans to small and medium enterprises (SMEs) in China is enabling new strategies for cross-border funding and parallels China’s foreign exchange liberalisation.
A West Jakarta court controversially declared null and void an English language loan agreement between an Indonesian borrower and a foreign lender, but the ruling could be overturned on appeal, local lawyers believe.
The RBI has adjusted policies to allow for "payment factories"; South Korea will ease foreign exchange regulations in 2014; and Taiwan and Singapore eliminate bilateral tariffs