Clare Lu, partner and attorney from the Shanghai Qin Li Law Firm and member of the Deloitte Global Network, met with some 30 CFOs, corporate treasurers, and other senior-most C-suite executive members of The Conference Board China Center for a Deep Dive Exchange into the issue of China’s new capital controls from a regulation and administration perspective. Lu outlined a set of practical approaches and rules of thumb for navigating the murky FX environment now upon us, and the members discussed their own experience with capital control-related challenges. Discussion focused on two questions:
1. What business planning assumptions make sense regarding the capital control and remittance environment?
2. What practical measures can be taken to remedy FX-related problems and mitigate risks in the current environment?