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Hogan Lovells Publications

"Pilot Programmes of RMB Settlement of Foreign Investment and Financing Start in Shanghai." China Alert, Hogan Lovells, June 2011

Philip Cheng, Andrew McGinty, Steven N. Robinson, Jun Wei, Roy G. Zou, Thomas Man

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Based on a news article published on People's Daily Online on 23 May 2011, Shanghai is seeking to achieve a significant breakthrough in the development of cross-border Renminbi ("RMB") business. Against a background of China pushing for further "internationalisation" of the use of the RMB, this important development seems to mark a significant step towards full convertibility of the RMB, which would further facilitate cross-border trade, investment and financing in or from the People's Republic of China ("China" or "PRC").