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Rules of the game promulgated in Beijing

Rules of the game promulgated in Beijing

(China) - China's central bank has released detailed rules covering the administrative governance of overseas financial institutions in the mainland. The rules reportedly provide detailed regulations for foreign financial institutions' establishment and registration, business conduct, professional qualifications required, fiscal supervision, liquidation and clearing processes.

Additionally, they also provide specific regulations covering foreign exchange business and working capital requirements together with violation penalties. The new rules have been effective, in practice, since the 1st of this month.
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