News & Analysis as of

People's Bank of China

An update on China’s control over outbound investments and remittance

by Allen & Overy LLP on

On August 18, 2017, the State Council of China issued a notice forwarding the Guiding Opinions on Further Guiding and Regulating the Direction of Outbound Investments (the Guiding Opinions) as jointly drafted by the National...more

Global Privacy & Cybersecurity Update Vol. 16

by Jones Day on

UNITED STATES - Regulatory—Policy, Best Practices, and Standards - United States and China Renew Promise Not to Hack - On October 4, U.S. and Chinese officials agreed to not engage in targeted hacking. Per a...more

Green Bonds Offer a Solution for China’s Green Finance Challenges

by Latham & Watkins LLP on

Since establishing the People’s Bank of China’s Green Finance Task Force in 2014, China has encouraged green financing mechanisms through a variety of pioneering initiatives. For example, the country has designated five green...more

Financial Services Quarterly Report - Third Quarter 2017: Global Update: Regulators Focus on Initial Coin Offerings

by Dechert LLP on

Since January 2017, more than $2 billion has been raised through the rapidly growing market for so-called “token sales” or “initial coin offerings” (ICOs). The U.S. Securities and Exchange Commission (SEC) announced on July...more

China moves to limit activities relating to ICOs and Cryptocurrencies: game over or level up?

by Hogan Lovells on

On 4 September 2017, the People's Bank of China ("PBOC") and six other government agencies issued the Statement on Preventing the Risks of Fund Raising through Initial Coin Offerings (the "ICO Statement"), declaring that...more

China Halts ICOs and Token Sales and China-Based Trading Platforms Suspend Trading Amid Reports of Additional Government...

by Perkins Coie on

The government of the People’s Republic of China (PRC) has formally announced a suspension to all ICOs and token offerings and financing activities by releasing two notices, namely, the Notice of Seven Ministries Including...more

ICOs Facing An Uncertain Future

by Ifrah PLLC on

This week, in a joint statement issued by the People’s Bank of China, the securities and banking regulators, and other government agencies, the Chinese government declared that initial coin offerings (ICOs) constitute...more

New Policies on China's Overseas Investments

by WilmerHale on

China's State Council on August 4, 2017, promulgated the Guiding Opinions on Further Guiding and Regulating Overseas Investment (Opinions). The Opinions were jointly formulated by the National Development and Reform...more

Selling to China: Four Key Questions All Private Equity Deal Teams Should Ask on an Exit

by Latham & Watkins LLP on

Chinese acquirers are playing an increasingly important role as buyers of private equity sponsored companies — nearly 200 portfolio companies were sold to Chinese entities in 2016. However, in our view, measures taken by the...more

The Commencement of the Long-Awaited China-Hong Kong Bond Connect

by K&L Gates LLP on

At present, the China bond market is the third largest in the world after the USA and Japan. In order to further promote the China bond market, the People’s Bank of China (“PBC”) and the Hong Kong Monetary Authority (“HKMA”)...more

Chinese Outbound M&A: 4 Key Questions

by Latham & Watkins LLP on

Overseas direct investment by Chinese companies increased significantly in 2016 to US$212 billion, a 143% increase from 2015. While outbound M&A interest remains strong in China, recent measures taken by the Chinese...more

Green Bonds – An Introduction

by White & Case LLP on

Since their introduction in 2007, Green Bonds issuances have exponentially increased in volume and have become part of the lexicon of environmental finance. Simply defined, Green Bonds raise funds for new and existing...more

China Strengthens Supervision on Offshore Chinese Yuan (RMB) Lending

In 2016 stabilizing the exchange rate of Chinese yuan (also known as RMB, the legal currency of China) was a critical challenge for Chinese government. Due to the recent staggering devaluation of RMB, the People’s Bank of...more

China Policy for Lender Liability in Green Finance Guidelines

by Latham & Watkins LLP on

In April 2015, the Final Report of the People’s Bank of China’s Green Finance Task Force made 14 recommendations to facilitate the establishment of China’s green finance system. Recommendation 13 proposed the imposition of...more

Green Bonds: Green Striping to Fuel China’s Green Economy?

by Latham & Watkins LLP on

China has become the world’s largest green bond market, with green bonds issued in the first half of 2016 reaching 75 billion yuan (US$11 billion), 33% of the world total. This figure is approximately two percent of the total...more

New Regulations on the Investment in the Interbank Bond Market by Foreign Institutional Investors

The State Administration of Foreign Exchange (“SAFE”) issued a Notice on Foreign Exchange Administration Issues concerning Investment in the Interbank Bond Market by Foreign Institutional Investors (the “Notice”) on May 27,...more

Navigating the Green Bonds markets in China

by Reed Smith on

China’s climate change objectives under the Paris Agreement will require it to invest a massive amount of capital into growing its domestic renewable energy generation, as well as invest in other emissions-reducing efforts....more

China’s Central Bank Issues Further Guidance on Inbound Foreign Debt

by White & Case LLP on

On 29 April 2016, the People’s Bank of China (“PBOC”) promulgated the Circular on the Nationwide Implementation of Prudent Administration of Cross-Border Financings (the “PBOC Circular”). The PBOC Circular came into effect on...more

China Eases Access to Interbank Bond Market by Overseas Financial Institutions

by K&L Gates LLP on

According to the Announcement of 2016 No. 3 (the “Announcement”) promulgated by the People’s Bank of China (the “PBOC”) on February 17, 2016, eligible offshore commercial banks, insurers, securities companies, asset managers,...more

The Future of Chinese Enforcement: From Corruption to AML?

by Ropes & Gray LLP on

On February 17, 2016, the Spanish headquarters of the Industrial and Commercial Bank of China (“ICBC”) were raided by Europol officers and Spanish law enforcement authorities, on orders of a Spanish judge investigating the...more

US and China Expand Law Enforcement Cooperation

by Michael Volkov on

Global anti-corruption efforts continue to increase. For global companies, this trend makes compliance even more critical. One of the most significant aspects of this trend is the US government’s cooperation with China....more

Circular 122 – China Starts to Unwind Limits on Foreign Investment in Real Estate in Response to Slowing Economy

by Morrison & Foerster LLP on

Nine years ago, in July 2006, six different Chinese government agencies issued Opinion 171, the first of a number of circulars imposing limits on foreign investment in the property market in response to concerns about a...more

Online Payment Systems Technology in China—Trojan Horse or Forbidden Fruit?

by Morgan Lewis on

Powerful new computational technology pioneered in e-commerce presents Chinese regulators with potential concerns and solutions to the perennial problem of information, pricing, and settlement capacity. Online payment...more

Unanticipated Retrogression of Visa Numbers for China and India in September 2015

The U.S. Department of State recently released its September 2015 Visa Bulletin, reflecting a significant retrogression for China and India in the employment-based Second Preference category (EB-2). The EB-2 category for...more

New Court Decisions Expose Non-U.S. Banks With U.S. Branches To New Risks Of Litigation In American Courts

Non-U.S. banks with branches in New York and elsewhere in the United States find themselves sued or otherwise exposed to judicial orders in American courts with regularity. The cases reflect the full range of U.S. legal...more

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