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The PRC legislative landscape for RMB internationalisation

Jack Wang, Chen Yun
King & Wood Mallesons
Shanghai

In the midst of its rapid economic development, the People's Republic of China (PRC), the second largest economy and the largest trading nation in the world, has finally determined to change its domestic currency market, which used to be pretty much closed to foreign investors over a long period of time and accordingly, promulgated a series of laws and regulations to ease the previously tight foreign exchange (FX) control in the mainland. These laws and regulations were put in place to propel the internationalisation of Chinese Renminbi (RMB) by expanding the use of RMB under both current and capital accounts for the purpose of ultimately achieving an international status for the RMB matching the economic status of the PRC in the global economy. This chapter endeavours to outline a legislative landscape of RMB internationalisation from the following main aspects:

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Financial and corporate

Banking – foreign firms

Banking and finance – local firms

Capital markets – foreign firms

Capital markets – local firms

Competition – foreign firms

Competition – local firms

Investment funds – local firms

Mergers and acquisitions – foreign firms

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Mergers and acquisitions – local firms

Private equity – foreign firms

Private equity – local firms

Project finance

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Selected Leading lawyers and Rising stars

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See also

China
Asia-Pacific

Legislation guide

The PRC legislative landscape for RMB internationalisation

Practice areas

Law firm contact details