The State Administration of Foreign Exchange (“SAFE”) and the Ministry of Commerce (“MOFCOM”) have recently released policies in relation to the relaxation of cross-border capital account items. SAFE issued Huizongfa  No.38 (“Circular 38”) providing detailed implementation guidelines for settlement of cross-border capital account transactions using RMB. Meanwhile, the MOFCOM has issued a Draft Notice to spell out the principles and policies on the use of RMB for foreign direct investment (“FDI”) into China by foreign investors for public comments.
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Cross-border RMB capital account relaxed
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