New changes in PRC cross-border financing rules

On 29 April 2016, the People’s Bank of China (“PBOC”) published the “Notice on Nationwide Implementation of the Macro-prudential Management Policy of Overall Cross-border Financing” (the “Notice”) (中国人民银行关于在全国范围内实施全口径跨境融资宏观审慎管理的通知), which applies to cross-border financing activities by companies (excluding government financing vehicles and real estate enterprises) and financial institutions incorporated in the PRC.

The Notice came into effect on 3 May 2016.

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