China Relaxing Foreign Exchange Controls, Tightening Scrutiny on Tax, Practitioners Say
Chinese authorities are stepping up scrutiny of cross-border transactions as they relax controls on foreign exchange, practitioners from Deloitte said in an Aug. 16 webcast broadcast from China…
European Commission Issues Rules For Sovereign Debt CDS, Short Sales
July 9, 2012 by GlobalLaw
Filed under Financial Services
BRUSSELS—The European Commission July 5 issued rules to implement recently approved legislation banning uncovered sovereign credit default swaps and short sales of shares and sovereign debt.
International Banking Group Cites Growing Use of Chinese Currency in Settlement, Trade
GENEVA—The Chinese currency, the renminbi (RMB), is increasingly being used as the money of choice for settling payments between China and its trading and investment partners, boosting Beijing’s efforts to promote the RMB as an international reserve currency, according to a global financial industry group.
BRICS Leaders Agree to Boost Trade in Their Own Currencies, Set up New Development Bank for Poor Nations
NEW DELHI—The group of five emerging economies—Brazil, Russia, India, China and South Africa (BRICS)—agreed at a summit March 29 to move toward setting up a new development bank for poor nations as an alternative to the World Bank and to boost trade in their own currencies.
Fear of Corruption Dissuades Overseas Investment, Due Diligence Lacking, Kroll Says
Fear of fraud is dissuading many companies from doing business in at least one foreign country, according to survey results from Kroll’s fifth annual Global Fraud Report…
White House Gets Chinese Pledge on Access, Patent Protection, But Less Yuan Cooperation
President Obama said Jan. 19 that China agreed to eliminate market barriers and improve intellectual property protections to help strengthen economic ties with the United States, but he said China’s currency needs to appreciate further.
Chinese President Hu Jintao, however, minimally addressed the latter issue as his official state visit began. The visit started at the White House with an elaborate arrival ceremony, followed by private talks with Obama and Vice President Biden, and an economic-focused meeting with administration officials and U.S. and Chinese corporate leaders.
China’s policy on its currency, known alternately as the yuan or renminbi, has been a source of friction as the administration, Congress, and some U.S. business interests have complained of halting progress at best by…