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China’s Different Path Towards Internationalization of the RMB: Hong Kong as an Offshore RMB Financial Center


February 9, 2012 12:45pm - 2:00pm

Room 280A
Part of China’s export-driven success over the last several decades can be attributed to currency controls, which have given the Chinese government a certain degree of autonomy in devising macroeconomic policies without having to worry too much about dangers like inflation. However, this system has a glaring drawback as China’s economy changes, and it’s focus has turned towards increasing its international presence - the Chinese currency (the RMB) cannot be freely converted and therefore is unlikely to be used internationally. Mr. Howard Chao (partner in charge of O'Melveny's Asia Practice) will give a talk about financial controls in China and Hong Kong’s emerging role as a facilitator to enable, allowing China to increas internationalization of the RMB (e.g. allowing cross border deals to be conducted in RMB) while modifying, rather than giving up wholesale, its currency control system. Howard Chao is the partner in charge of O'Melveny's Asia Practice. During his 30 years with the Firm he has been engaged in a broad variety of transactional matters. He was responsible for establishing our China offices, and was stationed in our Shanghai office for many years. He is currently engaged in a general corporate practice, with an emphasis on cross-border and Asia matters. RSVP at