Legislation roundup: Offshore RMB, online news services and money market funds
January 21, 2016 | BY
Katherine JoThe PBOC has limited banks' renminbi outflows, data compliance requirements for internet news outlets have increased and the CSRC has widened investment options for money market funds
Banking
People's Bank of China, Circular on Implementation of the Normal Deposit Reserve Rate for Deposits with Domestic Correspondent Banks by Banks Participating in Offshore Renminbi Business
The renminbi deposits deposited with correspondent banks in China by banks participating in offshore renminbi business will be subject to the current statutory deposit reserve rate for correspondent banks in China. The renminbi deposits of the clearing banks for renminbi business in Hong Kong and Macao deposited in clearing accounts in China will be handled with reference to the Circular.
See the digest for more details.
Further reading
Cybersecurity
Cyberspace Administration of China, Provisions for the Administration of Internet News Information Services (Draft for Comments on Amendments)
Cyberspace administrations at every level may require internet news information service providers to provide relevant information and may enter the service premises of internet news information service providers to inspect, investigate and gather evidence. Internet news information service providers are required to offer their cooperation.
See the digest for more details.
Further reading
Capital markets
China Securities Regulatory Commission, Measures for the Regulation of Money Market Funds
The revised Measures permit money market funds to invest in interbank certificates of deposit with terms of up to one year; and non-financial enterprise debt financing instruments and asset-backed securities with remaining terms of up to 397 days.
Further reading
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