PBoC allows Chinese firms to invest renminbi abroad

chinese yuan

China has opened the door for domestic companies to make cross-border investments using renminbi as part of plans to promote greater use of the currency internationally.

The People's Bank of China (PBoC) on Thursday announced the start of a renminbi foreign direct investment pilot that will allow some businesses and banks in China to settle their overseas direct investments in renminbi.

Li Dongrong, an assistant governor at the central bank, on Friday said the move would help "facilitate cross-b

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