The effect of methylated cyclodextrins on the RhH(CO)(TPPTS) 3 complex in hydroformylation conditions [50 atm of CO/H 2 (1/1) and 80 8C] has been investigated by high-pressure 31 P{ 1 H} NMR spectroscopy. In the presence of methylated b-cyclodextrin, the equilibria between the rhodium species lie in favor of phosphine low-coordinated rhodium species. The formation of a stable inclusion complex between this cyclodextrin and the trisulfonated triphenylphosphine ligand (TPPTS) was found to be the key to understanding the displacement of the equilibria. Indeed, the methylated a-cyclodextrin which does not interact with the TPPTS and the methylated gcyclodextrin which can weakly bind to the TPPTS have no and a very low effect on the equilibria, respectively. These results explain for the first time why a decrease in the normal to branched aldehydes ratio is always observed when cyclodextrins are used as mass-transfer agents in aqueous biphasic hydroformylation processes.