China approves cross-currency master agreements
NEWS
Lawyers at Linklaters said it was a big step forward in bringing onshore documentation closer to international standards. The agreement, approved published by the China Foreign Exchange Trade System (Cfets) on July 21, is designed to govern renminbi foreign exchange forwards and swaps, but could also be used for other transactions, lawyers said.
The agreement does not specify what the "other transactions" include. However, Benjamin Liu, managing associate at Linklaters in Hong Kong, said it
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