The US Securities and Exchange Commission issues final extension on China audit ban; The Reserve Bank of India allows infrastructure refinance; and the Russian Finance Ministry orders moves to IFRS accounting standards.
China will institute a profit monitoring system designed to detect multinational tax evasion, after announcing a back tax penalty on an MNC. Treasurers need to wary of China profit margins.
HSBC has promoted Kee Joo Wong tohead of payments and cash management for Asia-Pacific. He replaces John Laurens, who took up the top transaction role at DBS.
BI levels hedging requirements, foreign asset pledges, and minimum credit ratings on corporate foreign debt in Indonesia; HKMA implemented two new initiatives increasing RMB liquidity measures in the territory.
Carlisle Companies won SAFE approval for a China domestic US dollar cash pool in the Shanghai FTZ, but holds off on cross-border implementation over FATCA concerns.