China alert - Issue 21, June 2011
With the increasing internationalisation of RMB, there will be more opportunities for foreign investors to invest or reinvest in China using RMB rather than foreign currency. However, the approval procedure can be complicated, and there can be tax costs that are not obvious at first glance. Recently, the relevant authorities have issued circulars in relation to RMB investment and reinvestment including Yin Fa  No. 145 (Circular 145), Peoples' Bank of China (PBOC) Announcement  No. 1 (Circular 1) and Hui Zi Han  No. 7 (Circular 7).
© 2021 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in China, KPMG, a Macau partnership and KPMG, a Hong Kong partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited ("KPMG International"), a private English company limited by guarantee. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.