On August 18, 2017, China’s State Council issued guidelines clarifying rules passed a year ago by the State Administration of Foreign Exchange (SAFE) limiting outbound investments as cover-up to move money out of China....more
BACKGROUND - Due to the recent strong desire to convert Renminbi (“RMB”) funds into foreign currency and remit foreign currency amounts outside of China (“China” or the “PRC”, which excludes Hong Kong, Macau and Taiwan...more