The People’s Bank of China (PBOC) issued draft guidelines on improving cross-border yuan policy, stabilizing foreign investment and foreign trade, with the key highlights found below (via Reuters).
Will support banks to provide yuan payment services for cross-border e-commerce companies.
Will relax restrictions on use of yuan income under some capital account categories.
Will remove restrictions on yuan funds reinvestment by some foreign-funded firms.
Will improve overseas yuan borrowing business management by domestic firms.
Will improve overseas yuan lending business management by domestic firms.
Will support individuals to conduct cross-border yuan business.
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