Pilot Programmes of RMB Settlement of Foreign Investment and Financing Start in Shanghai

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"). 

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