Translator：Zhang Xiaotong

Chiến Thuật Roulettepril 26, 2023, Shanghai Landing Law Offices and the International Financial Law School of East China University of Political Science and Law jointly hosted a specialized forum on "RMB InternationalizatiChiến Thuật Roulettend International Financial Sanctions." Professor Liang Shuang, Vice Dean of the International Financial Law School of East China University of Political Science and Law, Liu Yixing, Director of the Global Management Committee of Landing, Dr. Liu Jun, Associate Professor of the International Financial Law School of East China University of Political Science and Law, Lawyer Huang Zhengdong, Director of the Chicago Office of Landing, Lawyer Huang Xueshan, Senior Partner of the Shenzhen Office of Landing, and Lawyer Huang Xinying of the Changsha Office of Landing participated in the forum. The event was moderated by Lawyer Li Xinli, Senior Partner of Landing's Shanghai headquarters.

The forum began with an opening address by Professor Liang Shuang, in which he pointed out that since the Russia-Ukraine conflict, it has been evident that when trade is imbalanced, countries with greater exports will not receive equivalent goods. Consequently, the corresponding currency cannot fulfill its intended value. Thus, the substitution of the US dollar with the RMB might not necessarily align with our country's interests to a certain extent. Therefore, the process of RMB internationalization requires sufficient attention from scholarChiến Thuật Roulettend lawyers within financial and legal systems. How to proactively uphold our country's interestChiến Thuật Roulettend better maintain them in international financial activities, including international financial sanctions, iChiến Thuật Rouletten extremely important topic involving significant national interests. Professor Liang affirmed the significance of tonight's theme, introduced the current state of the school's development, and expressed special gratitude to Landing for their support in student cultivation. He particularly highlighted the "Hundred Huazhong Law Students Overseas Legal Practice Project." He conveyed hiChiến Thuật Roulettenticipation to collaboratively break new ground on the international stage with Landing Law Offices, contributing together to the talent cultivation complementary to our nation's Belt and Road strategy.

Director Liu Yixing then delivered a speech. He first expressed his hope that Landing's innovations could provide valuable inspiration to young lawyers, emphasizing that young people are destined to be at the forefront of great eras. He mentioned that the natiChiến Thuật Roulettend its people are rising, and integration into the international community is an overarching trend. In the process of "going global," conflicts and competitiChiến Thuật Roulettere inevitable, but the greater goal is to become an integral part of the international society. He pointed out that financial instruments play an indispensable role in the rise of major countries, and today's forum holds immense significance. Regarding the internationalization of the RMB, Director Liu exuded confidence. He outlined three key factors: Firstly, China's absolute advantage in industrial chains and international trade. Secondly, the diligence and wisdom of China's professional legal experts. Thirdly, China's open-minded societal ethos. All of these aspects provide enormous advantages to China. Director Liu stressed that legal professionals must possess foresight, inclusiveness, and a strong sense of nationality. He emphasized the necessity to fully integrate and harness the power of the Chinese diaspora, safeguarding their interests and propelling our nation towards a better and healthier international development.

Following the brief speeches by Professor Liang Shuang and Director Liu Yixing, the four guest speakers shared their insights on the forum'Chiến Thuật Rouletteheme from various perspectives.

Dr. Liu Jun provided an overview of the eight categories of sanctions imposed on Russia during his presentation. The first involves sanctionChiến Thuật Roulettegainst high-ranking Russian officialChiến Thuật Roulettend oligarchs. The second pertains to sanctions on foreign exchange reserves. The third category encompasses sanctions on Russian commercial bankChiến Thuật Roulettend overseaChiến Thuật Roulettessets of defense technology enterprises. The fourth relates to sanctions involving the disconnection of Russia from the SWIFT international financial messaging system. The fifth includes the prohibition of sales of Russian sovereign debt and state-owned enterprise bonds. The sixth category involves the prohibition of sales of specific Russian petroleum products. The seventh pertains to the prohibition of exports of certain dual-use military-civilian products to Russia. Lastly, the eighth category covers the prohibition of providing specific professional services to Russian enterprises, such as management consulting and accounting. Dr. Liu also emphasized that the sanctionChiến Thuật Roulettegainst Russia constitute a de facto multilateral action. Although not authorized by the United Nations, they have effectively evolved into a practical form of multilateral sanctions. These sanctions have profoundly impacted the Russian nation, its institutions, businesses, and individuals. Therefore, proactive research into sanctionChiến Thuật Roulettend meticulous issue analysiChiến Thuật Roulettere of paramount importance.

During his speech, Lawyer Huang Zhengdong first discussed the internationalization of the Chinese yuan and the decline of the US dollar. He mentioned that whether the US dollar is declining iChiến Thuật Roulette hot topic in both China and the United States. It must be considered that the United States is the world's largest economy and holds the top military power. Additionally, the US dollar serveChiến Thuật Roulettes the global trade and oil price benchmark currency. The US government's maintenance of low inflation, stable interest rates, and ample liquidity has preserved the stability and credibility of the US dollar, thereby enhancing itChiến Thuật Roulettettractiveness in the international financial market. The United States possesseChiến Thuật Roulette robust financial regulatory system, and the establishment of the hegemonic status of the US dollar is the result of a complex process. Replacing other currencies with the US dollar in the short term is challenging. Lawyer Huang Zhengdong also discussed that research efforts must be intensified in the process of the internationalization of the Chinese yuan. It is necessary to track international finance trendChiến Thuật Roulettend the direction of China's currency, and to actively engage in cross-border transactionChiến Thuật Roulettend investment projects, playing a role in the internationalization process of the yuan.

Lawyer Huang Xueshan proposed that the process of the internationalization of the Chinese yuan haChiến Thuật Roulettelready shown initial signs. Many countries have proposed reducing their reliance on the US dollar, and the proportion of settlements in Chinese yuan is steadily increasing. However, the current stage of the internationalization of the yuan is still in its infancy. If the Chinese yuan becomeChiến Thuật Roulette global currency, China could implement sanctions within the UnionPay system. Similar to the United States' settlements in dollars, China could impose measures on countries within the UnionPay system. However, any sanctions must comply with international law and ruleChiến Thuật Roulettend avoid causing unnecessary harm to individualChiến Thuật Roulettend enterprises. In summary, the Chinese yuan currently lacks the ability to function beyond trade needs like the US dollar, such as purchasing bondChiến Thuật Roulettend oil. This might also be a bottleneck for the future growth of the yuan. Nevertheless, there is undoubtedly a promising future ahead, and the country should strive to promote this.

Lawyer Huang Xinying provided an introduction to the World Bank and its sanctioning system. She pointed out that the World Bank aims to ensure poverty reductiChiến Thuật Roulettend sustainable development. In this process, the importance of combating corruption has been recognized. Consequently, compliance requirements have been incorporated into loan agreements and procurement frameworks since 1996, and the sanctioning system was introduced. The World Bank primarily imposes sanctions for actions such as corruption, fraud, collusion, coercion, and obstruction. Due to factors such as inadequate qualifications, speculative psychology, and poor management, some enterprises ultimately face sanctions. For Chinese enterprises, due to domestic transaction habits and an underdeveloped domestic compliance system, China still exhibits a relatively high tolerance for relevant behaviors. Moreover, as the World Bank Group is largely controlled by the United States, it fundamentally serves as a tool utilized by the US. In the context of the intensifying competition between China and the United States evolving into comprehensive competition, the US is highly likely to leverage its competitive advantage to suppress Chinese enterprises, with the aim of restraining China's development. China's countermeasures should involve three aspects: pre-event, during-event, and post-event. Establishing a system of review for each incident, maintaining records, and archives, as well as actively responding and implementing countermeasures, are crucial.

The forum was held online. Although the topics discussed were somewhat academic and macro-oriented, it managed to attract more than 700 participantChiến Thuật Roulettend received positive feedback from many attendees.