The noticeable weakening of the spot Chinese yuan (CNY) against the US dollar (USD) in the first few days of December fanned expectations that the Mainland authorities would reverse their policy of CNY appreciation against the greenback. A marked slowdown in domestic and external demand since 3Q 2008 has put the authorities under great pressure to devalue the CNY as a means to stimulating exports.
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Enterprise Income Tax Law of the People’s Republic of China
Order of the President of the People’s Republic of China
(No. 63)
The Enterprise Income Tax Law of the People’s Republic of China, which was adopted at the 5th Session of the 10th National People’s Congress of the People’s Republic of China on March 16, 2007, is hereby promulgated and shall come into force as of January 1, 2008.
Since three years foreign exchange reform, Renmimbi’s two year appreciation terminated this year. In 2008 under the turmoil of global finance and the difficulties of domestic economy, the tendency of Renminbi exchange rate has undergone many twists and turns. Up to yesterday, the appreciation of Renminbi to US dollar hah reached by 6.86%.
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