People's Bank of China to Allow Domestic Firms to Use Yuan to Invest Abroad
Published:
2011-01-13
China's central bank posted an official announcement on its website earlier this afternoon saying that to accompany the recent pilot program aimed at encouraging RMB cross-border settlement, to help domestic institutions expand their yuan-denominated direct investments abroad and to standardize banks handling of such investments, the People's Bank of China has released new rules that will allow domestic firms to use local currency to investment overseas directly. The announcement is an important move towards expanding the role of the RMB in the global economy.
Source
People's Bank of China
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