PRC foreign exchange controls. 28 September 2022
Cross-border flow of money is so tightly connected with tax plan and wealth management, and exchange control is always a topic that is not “fancy” but cannot be overlooked. China has been implementing its exchange control regime for decades. Comparing to those applicable to corporates where quite a few restrictions have been lifted or loosened in the recent years, the written rules for individuals remain “general” to certain extent, which also allows more room for changes at both policy and practical levels. The Covid situations and the RMB-USD fluctuation also add complexity and uncertainty. The speaker will give an overview of China exchange control regime on individuals (mainly on overseas investment and movement of fund) and share some updates from regulatory as well as practical perspectives on the relevant topics.
- Charles Chen, Senior Counsel, Zhong Lun Law Firm, Shanghai