China cuts RMB trade settlement/lending red tape
China’s central bank has lifted a host of restrictions designed to make renminbi cross-border trade settlement easier to conduct, while at the same time announced new measures to promote greater offshore renminbi activity.
The People’s Bank of China (PBOC) has answered the prayers of many frustrated treasurers by allowing their bankers in China to process renminbi cross-border trade settlement before verifying the documentary proof of underlying trade transactions.
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