The internationalization of the renminbi was noticeably accelerated recently in light of the currency’s possible acceptance by the International Monetary Fund as reserve assets, known as special drawing rights (SDR).
China has stated that it will ramp up its efforts to establish a qualified domestic individual investor system (QDII2), as it relates specifically to the management of individual foreign exchange.
Following implementation of the US$50,000 annual quota on individual foreign exchange purchases in 2007, China is finally prepared to effectuate significant reform of individual foreign exchange management of capital accounts.
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Zhang Jida and Owen Yang are partners in the Beijing office of DaHui Lawyers
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