Bank pilots RMB settlement for outbound direct investment

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Bank pilots RMB settlement for outbound direct investment, 中国推动境外直接投资人民币结算试点
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On 6 January, the People’s Bank of China issued the Outbound Direct Investment Pilot Renminbi Settlement Administrative Measures, which came into effect on the day they were issued. The 2011 Measures are a further step in China’s promotion of the internationalization of the renminbi following the formal implementation of the Cross-border Trade Pilot Renminbi Settlement Administrative Measures of 1 July last year.

Scope of application

The 2011 Measures apply to outbound direct investment (ODI) by domestic institutions. They specifically refer to the use by domestic institutions, approved by the authorities in charge of ODI, of renminbi funds overseas to establish or acquire full or partial ownership, control or management over enterprises or projects through setting up new businesses, mergers and acquisitions or equity participation.

Domestic institutions means non-financial enterprises registered in the pilot areas for renminbi settlement in cross-border trade.

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Business Law Digest is compiled with the assistance of Haiwen & Partners. The authors can be emailed at baochen@haiwen-law.com. Readers should not act on this information without seeking professional legal advice.

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