On October 12, 2009, the State Administration of Foreign Exchange ("SAFE") issued the Administrative Rules on Foreign Exchange Cash Pooling of Group Members of Enterprises in China, Hui Fa [2009] No. 49 (the "Rules").

The option of two-way cross-border RMB cash pooling had been available to entities established in the Shanghai Free Trade Zone for some time.

Adequate preparation and attention to detail contributes to a successful year-end closing and a productive year ahead.

In March 2005, China kicked off the experiment on securitization of credit assets, which allowed banks to sell their credit assets through issuing the securities in the capital market for refinancing.