Law360, New York (June 27, 2016, 3:16 PM EDT) -- China continued its push to internationalize its currency on Saturday, announcing a pact with Russia’s central bank that will allow settlement and clearing of renminbi payments in Moscow, along with regulatory and supervisory cooperation between the two countries.The China Securities Regulatory Commission and the Central Bank of Russia signed a memorandum of understanding that is meant to replace an August 2008 accord between the two countries. This memorandum marks the latest step in China’s aggressive push for a more open and market-based economy.The two regulatory bodies will also share information on regulatory policy and work more closely together, a... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
The Chinese Securities Regulatory Commission has announced a new agreement with the Central Bank of Russia in a bid to internationalise China's currency. The new pact will allow for regulatory and supervisory cooperation between the countries while enabling the settlement and clearing of renminbi payments in Moscow.