Editor’s Note

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

Macro Economy

1. Rethinking Monetary Policy

Foreign Exchange Administration

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

Dialogue

1. New Rules on Cross-Border Cash Pooling
2. On the Economy and the Renminbi

Finance

1. Trade Finance and Foreign Trade Stabilization
2. Implied Obligations of Banks And Purposive Interpretation of UCP Articles
3. Same Ship，Different Day

Business

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

1. The News in pictures
2. Four Decades of Foreign Exchange Reform