May 27, 2019

PBC and State Administration of Foreign Exchange (SAFE) published "Measures for Administration of Cross-Border Funds of Depository Receipts (Trial Implementation)." These measures shall be implemented as of the date of promulgation. The measures cover administration of depository receipt issuance funds, administration of cross-border fund transfers, depository fund management, and statistics and supervision.

The depository receipts referred to in these measures include depository receipts issued by overseas issuers of overseas basic securities and depository receipts issued by domestic enterprises abroad. The measures encourage RMB to be used for cross-border collection and cross-border RMB settlement through the RMB Cross-border Payment System (CIPS). 

 

Effective Date: May 27, 2019

Keywords: Asia Pacific, China, Banking, Securities, Depository Receipts, Cross-Border Funds, SAFE, PBC

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