FX VOICE: What China's RMB cash sweeping pilot means
Banks are now able to facilitate renminbi cross-border loans for corporates' activities outside of China. CT asks how important this pilot scheme really is.
Yi Xiong, head of North Asia market management, international liquidity and investment management, RBS:
By relaxing cross-border lending quotas, this exciting new development essentially allows a MNC’s Chinese office to lend idle reminbi to its overseas parent or associated firms, directly covering offshore funding gaps.
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