The People’s Bank of China plans to broaden the pilot program that helps companies to tap cross border resources.
Accordingly, the central bank will permit 27 financial institutions registered in the free-trade zones of Shanghai, Tianjin, Guangzhou and Fujian to conduct cross-border financing in both yuan and foreign currencies up to a limit linked to their assets or net assets.
These institutions will not require prior approval for borrowing from abroad, the bank said.
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