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Accelerated by the increasing use of Renminbi (RMB) in the settlement of cross-border trade, offshore RMB markets, in particular Hong Kong, have developed speedily
The US Internal Revenue Service (the "IRS") recently published Notice 2011-34 (the "Supplemental Notice"), which supplements guidance set forth in Notice 2010-60 (the "Notice" and, together with the Supplemental Notice, the "Notices") on how the IRS will apply new US tax compliance rules beginning in 2013 to non-US banks, financial intermediaries and investment vehicles
