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New Opportunities For Onshore And Offshore RMB Liquidity Management

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Executive Summary

Larger numbers of Multinational Corporations (MNCs) are setting up treasury centers on the Chinese mainland and more Chinese companies are leveraging their lower cost base and strong liquidity to expand overseas. The challenges for Chinese and foreign MNCs have included restrictions on cross-border RMB trading and foreign currency liquidity management, particularly the issue of 'Trapped' cash; however, as the regulatory environment in China is liberalized, there is greater flexibility for managing domestic and foreign currency financial activities in China, a trend that we expect to continue as RMB takes its place as a global currency.

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