China approves cross- currency master agreement

New angles


Lawyers hailed the release of a long-awaited master agreement for renminbi cross-currency forwards and swaps by China's foreign exchange regulator, saying it was a big step forward in bringing onshore documentation closer to international standards.

The agreement, approved by the State Administration of Foreign Exchange (Safe) and published by the China Foreign Exchange Trade System (Cfets) on July 21, is designed to govern RMB forex forwards and swaps, but could also be used for other transa