PBoC eases cross-border yuan settlement policy

Renminbi-Getty

China will make it easier for firms to manage cross-border renminbi investment and financing by simplifying the renminbi settlement process, the central bank said in a circular on January 4.

The regulations will also allow domestic Chinese banks to open renminbi settlement accounts for Hong Kong and Macau residents with a 80,000 yuan ($12,386) daily limit. The circular was published by the People’s Bank of China (PBoC) and five other authorities, including foreign exchange regulator the State

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