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By John P. Egan The Isle of Man received a boost to its position as a centre for international wealth management with the announcement of monarchical approval to a new law that would permit the establishment of foundations in the island on November 16 as cited in Isle of Man based manx.net. Treasury Minister Eddie Teare has welcomed the news saying, he world of wealth management is highly competitive so it is vitally important that the government keeps working in partnership with the private sector to enhance the island offering to international clients. he Manx Foundation will be a bespoke...

NEWS 2020

By Anas Almasri A comprehensive Double Taxation Agreement (DTA) between the Hong Kong special administrative region government and the Maltese government was announced on November 8. The treaty removes the dual taxing of income in both jurisdictions and also addresses fiscal evasion matters, primarily on income tax arising in HK. Hong Kong Secretary for Financial Services and the Treasury, Professor K C Chan, and Malta Ambassador to China, Joseph Cassar, signed the agreement. The most recent tax exchange information standards issued by the Organization for Economic Co-operation and Development (OECD) were included in the DTA. The tax treaty is highly...

NEWS 2020

By John P. Egan The renminbi began trading against the Australian dollar and Canadian dollar in the China forex market on Monday November 29, the latest currency pairs to be introduced as part of the Chinese government attempts to promote the use of the RMB. The government motives for this are to reduce reliance on the US dollar for business and thus simplify the currency transaction process involved in both trade and investment. This is in line with a number of moves fuelled by both the expansion the Chinese economy and the overall shift by China government towards internationalising the...

NEWS 2020

By Baron Laudermilk On December 16 2011, China held the Shenzhen-Hong Kong Financial Industry ASEAN Summit 2011--the process of the internationalization of the RMB. Wealthy Hong Kong and Shenzhen investors, entrepreneurs, and government officials attended the meeting to discuss the opportunities and risks that may come with the internationalization of the RMB, particularly about the process starting in Hong Kong. Many different views regarding the internalization of the RMB were presented at the summit. Some of the business executives said the Chinese economy rapid development will force the RMB to become a global currency, regardless if it is regulated or...

NEWS 2020

By Juliet Leclerec A Double Taxation Agreement and Tax Information Sharing Agreement signed between Chinese Special Administrative region Macau and Caribbean island Jamaica will be come into effect January 1, 2012. The treaty forms part of the island strategy to establish itself as an international financial services center (IFSC). A DTA was confirmed between the two regions in early October and information sharing provisions were added to the treaty in late November. In a recent press briefing, the Jamaican Minister with responsibility for Information, Senator Arthur Williams, welcomed the treaty saying it would acilitate the effective exchange of tax information...

NEWS 2020

By Anas Almasri In its latest effort to increase its China exposure, Guernsey has entered into new discussions with policymakers at the Shenzhen Stock Exchange (SZSE) over the prospect of Guernsey based companies listing on the Chinese exchange. The Guernsey delegation visited China in November as part of its Asia bound mission, and on its itinerary was a stop in Hong Kong to promote its newly obtained approval for listing on the Hong Kong Stock Exchange (HKEX). Companies based on the Channel Island were granted approval for listing on the HK exchange in May 2011. The Shenzhen visit also followed...

NEWS 2020

By Juliet Leclerec Banking goliath China Development Bank has concluded an agreement with the Hong Kong Monetary Authority to offer renminbi bonds through the bond tendering platform of HKMA Central Moneymarkets Unit. The bank acceptance of the CMU terms and conditions last week was seen as the first step toward other Chinese financial institutions releasing bonds through the CMU platform. The HKMA welcomed the announcement as evidence of the continued and ever deeper cooperation between Hong Kong and the Mainland. "We look forward to seeing more issuers make use of the CMU platform to issue RMB bonds in the offshore...

NEWS 2020

By Wang Bin The internationalization of the RMB did not stop its process over Christmas, with its supporters receiving a gift -a Sino-Japan currency swap agreement. The deal was signed during a state visit by Japan's Prime Minister Yoshihiko Noda to China. According to the agreement, the two countries will cooperate in the use of RMB and yen in cross-border trading, supporting and developing the RMB-yen direct trading markets as well as supporting the healthy development of the RMB-yen bond markets. This marks the latest progress in the internationalization of RMB after China recently signed 70 billion yuan and 10...

NEWS 2020