Abstract:

The expansion of U.S. dollar exterritorial jurisdiction has made numerous Chinese enterprises and financial institutions sanctioned for the violation of U.S. unilateral economic sanction laws and the Foreign Corruption Practices Act during the process of “going global”. Under the background of the U.S. expansion of extraterritorial jurisdiction over U.S. dollar transactions, “DeDollarization” is becoming a trend. As Renminbi has become one of the Special Drawing Rights (SDR) currencies of the International Monetary Fund (IMF), Renminbi is expected to play an increasingly important role in international settlements. Therefore, on one hand, we need to consider how to construct the supporting financial regulation systems during the process of the internationalization of Renminbi. On the other hand, as the conflicts of the interests between China and the United States and China’s coping tactics in response to “DeDollarization” pose new challenges to Chinese legislators and policy makers, research on the legislative and judicial practices of the United States’establishment of extraterritorial jurisdiction over U.S. dollar transactions will shed on reflections and enlightenments to improve Chinese financial regulatory legislations, which is of great practical significance.
Key words： U.S. dollar transactions;exterritorial jurisdiction; “DeDollarization”;Renminbi internationalization