Recent Changes of the Foreign Exchange Control Regulation on Cross-Border Guarantee of the PRC
International Business Articles
ONC Lawyers
Hong Kong
Cross-Border Guarantee
In the context of PRC cross-border financing, cross-border guarantee and security (“CBG”) means the act of guarantee or provision of security (collectively as “Guarantee”) which (1) involves a written binding commitment by the guarantor or security provider (collectively as “Guarantor”) to pay the creditor and (2) might cause cross-border payments and receipts, transfer of property ownership, or other transactions affecting the balance of payments of the PRC.
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November 2014