China Allows Companies in Shanghai Pilot Zone to Borrow Overseas

The People’s Bank of China has allowed companies in the Shanghai Free Trade Zone to borrow yuan from overseas in its latest efforts to internationalize its currency.

The central bank set a limit on the amount companies and non-banking financial institutions inside the zone can borrow based on their registered capital and a government-set parameter, the Shanghai branch of PBOC said in a statement on its website today. The money can only be used for operations and project construction within the zone or overseas, the statement said.

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