Financial Regulation International

George Walker reviews the background and nature of the recent financial crisis that has unfolded at the national, global and national levels.

While the Renminbi is now readily convertible outside China, the PRC government maintains stringent capital controls into and out of China in an effort to control and direct inbound investment and monitor domestic investment abroad. China’s State Council has taken steps to remove some of the restrictions on foreign exchange regulation of investments by domestic institutions abroad while at the same time tightening its regulation of capital flowing into China (in particular, capital contributed to foreign invested enterprises) in the Revised Regulations of the State Administration of Foreign Exchange which took effect on 5 August 2008. Allens Arthur Robinson partner Nigel Papi and senior associates Campbell Izzard and Grace Tian outline the key changes.

Andrew Cornford was formerly a senior UNCTAD economist and is currently Research Fellow at the Financial Markets Center

George Walker reviews the past regulatory year. He initially considers the background and nature of the crisis that has unfolded at the global and national levels. Many of the key events and underlying changes in market condition and operation are referred to. He then considers a number of the more specific other regulatory and supervisory initiatives announced over the past 12 months.