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This page mainly shows the latest trend of the offshore RMB market and economic analysis related to China.

  • Trend of the offshore RMB market
  • Reports

Monthly averaged rate  until Nov-2017(  ) "Offshore Forex Level" as of Today
CNY/JPY    (17.07) USD/CNY    (6.6081) EUR/CNY    (7.8225)
*Monthly averaged rate calculated on the exchange quotation announced by BTMU (Tokyo)


[ News Focus ]

China Reduces Import Tariffs on Part of Consumer Goods

News Focus #16 2017

New Clarification on Income Tax Withholding Issues of Non-resident Enterprises

News Focus #15 2017

Shenzhen Announces 2017 Wage Guidelines

News Focus #14 2017

China Further Boosts Foreign Investment

News Focus No.13  Sep 7, 2017

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[ BTMU China Weekly ]

President Xi announces policies to further ease investment regulations at China-U.S. summit

CHINA BIWEEKLY December 4th 2017

Zhejiang Province announces a hike in minimum wage

CHINA BIWEEKLY November 17th 2017

Consumption increases by 10.3% year-on-year (YoY) in the retail and restaurant sectors during the National Day holidays

CHINA BIWEEKLY November 6th 2017

Second national census on pollution sources to start in 2018

CHINA BIWEEKLY October 18th 2017

August cross-border RMB settlements

CHINA BIWEEKLY September 27th 2017

China’s shopping center development index for the second quarter falls 3.5 points from the previous term

CHINA BIWEEKLY September 15th 2017

Chinese Outbound Tourism in the First Half of 2017: personal travel gains popularity

CHINA BIWEEKLY September 6th 2017

SWIFT: Share of RMB payments remains sixth place in the world in June

CHINA BIWEEKLY August 25th 2017

The IMF revises its growth forecast for China for 2017 upward to 6.7%

CHINA BIWEEKLY August 16th 2017

Guidelines to promote sharing economy promote deregulation and standardization

CHINA BIWEEKLY July 31th 2017

The IMF revises China's GDP growth rate for 2017 up to 6.7% and proposes an acceleration to reforms

CHINA BIWEEKLY June 29th 2017

China’s e-commerce turnover in 2016 rises by 25.5% YoY to RMB 22.97 trillion

CHINA BIWEEKLY June 15th 2017

GDP grows 6.9% in the first quarter—investment, production, and consumption growth accelerates in March

CHINA BIWEEKLY May 19th 2017

March 2017: Exports rise 16.4% YoY and imports grow 20.3% YoY


February trade statistics show a trade deficit for the first time in three years

CHINA BIWEEKLY April 12th 2017

Volume of port freight handled increases 3.2% YoY in 2016

CHINA BIWEEKLY March 29th 2017

New RMB loans for January decreased RMB 475.1 Bn YoY and increased RMB 990 Bn from the previous month to RMB 2.03 Tn

CHINA BIWEEKLY March 16th 2017

Main economic indicators in 2016: GDP growth +6.7%

CHINA BIWEEKLY February 16th 2017

New RMB loans marked RMB 12.65Tn in 2016, up RMB 925.7Bn YoY

CHINA BIWEEKLY February 8th 2017

Tax break for small cars extended until the end of 2017

CHINA BIWEEKLY January 23rd 2017

Recap of 2016 and Outlook for 2017

CHINA BIWEEKLY January 4th 2017

Jan-Oct inward FDI rose 4.2% year on year, while outward FDI jumped 53.3%

CHINA BIWEEKLY December 9th 2016

RMB settlements increased back from February to March

BTMU Monthly RMB April 2016

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[ BTMU China Monthly ]

New FTZ and Nationwide

News Focus #11 2017

Asiamoney’s offshore RMB poll 2017

BTMU Monthly RMB July 2017

China Promotes Electronic Business Registration Reform

News Focus #9 2017

Abolishment of remittance regulation in Shanghai and Beijing

BTMU Monthly RMB April 2017

China Implements Foreigner Work Permit Scheme Nationwide

News Focus #7 2017

China Launches 7 New Free Trade Zones

News Focus #6 2017

SAFE Tightened Evidence Check Requirements on Import Payment

News Focus #5 2017

Concessionary Tax Regime to Boost Aircraft Leasing Industry in Hong Kong

News Focus #4 2017

Japanese regional banks connected to CIPS network

BTMU Monthly RMB March 2017

Shanghai Encourages Establishment of Regional Headquarters by Multinational Corporations

News Focus #3 2017

Monthly RMB trade settlements declined in January 2017

BTMU Monthly RMB February 2017

Further Promote Reform on Foreign Exchange Administration

News Focus #2 2017

Doubled Foreign Debt Quota for Cross-border Financing

News Focus #1 2017

Restrictions on Foreign Investment to be Eased and Clarified

News Focus #19 2016

Outcomes of Panda bonds and offshore RMB bonds in 2016

BTMU Monthly RMB January 2017

Monthly RMB trade settlements continued to decrease in October

BTMU Monthly RMB November 2016

RMB trade settlements in September dropped from the average of 2016

BTMU Monthly RMB October 2016

RMB Internationalization through various channels

BTMU Monthly RMB December 2016

New Pilot Scheme on Foreigner Work Permit in China

News Focus #15 2016

Foreign Exchange Outlook December 2016

Shanghai FTZ to Further Promote the Free Trade Accounts

News Focus #18 2016

Stricter Rules on Outbound Loan

News Focus #17 2016

Guangzhou to Boost Development of Auto Parts Industry

News Focus #16 2016

China to Expand FTZ Measures Nationwide

News Focus #14 2016

Updates on the New Rules for Establishment and Changes of Foreign-invested Enterprises

News Focus #13 2016

Favourable Policies to Boost Financial Leasing Industry in China

News Focus #10 2016

Internationalization of RMB through various channels

BTMU Monthly RMB September 2016

Easing Rules on Establishment and Changes of Foreign-invested Enterprises

News Focus #11 2016

Favourable Tax Regime for CTCs in Hong Kong

News Focus #7 2016

Interpretation of the Tax Regime for Qualifying Corporate Treasury Centres in Hong Kong

News Focus #12 2016

Internationalization of RMB through various channels

BTMU Monthly RMB August 2016

Verification of Customs Declaration Information becomes more Stringent in the Guangdong Province

News Focus #9 2016

RMB settlements maintained at the 2016 average in May

BTMU Monthly RMB July 2016

New Rules Set to Encourage Yuan Conversion under Capital Account

News Focus #8 2016

Circular Released to Promote Cross-Border RMB deals in Guangdong PFTZ

News Focus #5 2016

Cross-border Financing Management Measures To Be Implemented Nationwide

News Focus #6 2016

Enhancing Hong Kong’s Offshore RMB Centre Function

News Focus #4 2016

Regulations on Foreign Debts Borrowing Relaxed in Shanghai

News Focus #3 2016

RMB settlements accounted for a high percentage of total trade volume in the first month of 2016

BTMU Monthly RMB March 2016

Integrating Cross-border Financing Management Measures in the Four FTZs

News Focus #2 2016

RMB settlements resulted in a record high at the end of 2015

BTMU Monthly RMB February 2016

Detailed guidelines of financial reform in Shanghai Pilot Free Trade Zone Released

News Focus #1 2016

Development of the offshore RMB bond market

BTMU Monthly RMB December 2015

PBOC further push financial reform in China's Shanghai Pilot Free Trade Zone (“PFTZ”)

News Focus #23 2015

Inclusion of RMB in Special Drawing Right (SDR) Basket

BTMU Monthly RMB December 2015

MOFCOM lifted minimum registered capital for foreign invested companies in China

News Focus #22 2015

Flagship cooperation projects between China and Singapore

News Focus #21 2015

RMB settlements remained high in September

BTMU Monthly RMB October 2015

PBOC lowered threshold for MNCs conducting two-way cross border RMB pooling scheme

News Focus #20 2015

Overview of the cross border e-commerce industry in China

News Focus #19 2015

RMB settlements dramatically increased in August

BTMU Monthly RMB September 2015

China boosts financial leasing industry to better serve the real economy

News Focus #18 2015

NDRC launched new package of projects to enhance core competitiveness of manufacturing sector

News Focus #17 2015

New CNY fixing system

BTMU Monthly RMB August 2015

SAFE released new provisions on centralized management of foreign exchange funds by multinational companies

News Focus #16 2015

BTMU obtained mandate for Shanghai FTZ FTU system

BTMU Monthly RMB July 2015

China's State Council issued guideline to promote development of the cross border e-commerce industry in China

News Focus #15

PBOC Guangzhou issued new cross border RMB loan measures in Nansha and Hengqin of Guangdong province

News Focus #14 2015

BTMU issued the first dim sum bond in the Japanese market

BTMU Monthly RMB June 2015

MOFCOM rolled out “Internet Plus Circulation” action plan to deepen integration between Internet and the circulation industry

News Focus No.12 2015

China’s State Council announced “Made in China 2025” plan switching the emphasis from made in China to made by China

News Focus No.11 2015

China’s State Council released framework plans for the Guangdong, Tianjin and Fujian Free Trade Zones along with a new negative list and national security review measures

News Focus No.10 2015

RMB trade settlements show steady growth

BTMU Monthly RMB May 2015

China’s State Council introduced the deposit insurance plan With a coverage ceiling of RMB 500,000

News Focus No.9 2015

2015 Guidance Catalogue for Foreign Investment Industries Released, Cutting the number of industries with restrictions from 79 to 38

News Focus No.7 2015

SAFE Shenzhen promulgated Macro-prudential Operational rules on foreign debt management in Qianhai

News Focus No.6 2015

SAFE expands liberalizing foreign exchange capital funds settlement for foreign-invested enterprises nationwide

News Focus No.8 2015

RMB trade settlement reaches a historical high in March

BTMU Monthly RMB April 2015

Developments of the offshore RMB clearing centres will support further increase of cross-border RMB trade settelement

BTMU Monthly RMB August 2014

Dim sum bond market continues to expand

BTMU Monthly RMB July 2014

Active issuance of dim sum bonds

BTMU  Monthly RMB May 2014

Strong growth for RMB trade settlements

BTMU Monthly RMB April 2014

London and Frankfurt appoints RMB clearing bank

BTMU Monthly RMB June 2014

All titles

[ Short-mid term Outlook for the Chinese Economy and Effects on Industries ]

Short-Mid Term Outlook for the Chinese Economy and Effects on Industries edited by The Bank of Tokyo Mitsubishi UFJ Corporate Research Division

2013 4Q Review edition

All titles

[ Others ]

Notice Regarding Issues Related to Foreign Exchange Administration on Finance Lease Business

MUFG Bank(China) Regulation Newsletter Issue5 December 11, 2017

pm call note

pm call note_5th December 2017

Foreign Exchange Outlook

Foreign Exchange Outlook_December 2017

pm call note

pm call note_1st December 2017

Circular on Further Effectively Implementing Tax Relief on Imported Equipment for Encouraged Foreign-invested Enterprises

MUFG Bank(China) Regulation Newsletter Issue4 October 30, 2017

National Development and Reform Commission, Ministry of Commerce, People’s Bank of China, Ministry of Foreign Affairs

MUFG Bank(China) Regulation Newsletter Issue3 October 9, 2017

National Development and Reform Commission, Ministry of Commerce, People’s Bank of China, Ministry of Foreign Affairs

MUFG Bank(China) Regulation Newsletter Issue3 October 9, 2017

Asia Cross Current CNY – “Target” RRR reduction is broad-based?

Asia Cross Current_4th October 2017

PBOC’s Policy Change Regarding Foreign Currency Risk Reserve

MUFG Bank(China) September 11st, 2017

Decision to Amend the Interim Administrative Measures for the Recordfiling

MUFG Bank(China) Regulation Newsletter Issue1 September 5, 2017

PBOC Released Notice of Relevant Issues on Conducting Centralized Management of RMB Cross-border Fund for Multi-national Corporations

November 7, 2014

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[ External website ]


SWIFT edition/RMB Reports

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【Topic / Case Study】

We have topics and case studies for a new trend relating to Chinese relaxing regulations, latest situation in the offshore RMB market etc.,