Editor’s Note

• Sino-US Trade Differences—Can a Balance be Restored?

Macro Economy

• Rethinking Monetary Policy

Foreign Exchange Administration

• Renminbi Exchange Rate Reform：A Look Back and a Look Ahead
• A Close Look at Renminbi Internationalization
• China’s Route to Capital Account Convertibility
• A Look at Foreign Exchange Reform in China’s Special Economic Zones

Dialogue

• New Rules on Cross-Border Cash Pooling
• On the Economy and the Renminbi

Finance

• Trade Finance and Foreign Trade Stabilization
• Implied Obligations of Banks And Purposive Interpretation of UCP Articles
• Same Ship，Different Day

Business

• China’s Foreign Investment Law -Improving the Business Environment
• New Policy to Spur China’s Cross-border Payment Services

• The News in pictures
• Four Decades of Foreign Exchange Reform