PBoC slashes X-border RMB quota for intercompany loans
Chinese regulators have made it clear from recent actions their priority now is protecting the renminbi rather than making it international.
Companies will find it much harder to remit renminbi out of China now the country’s central bank has tightened its grip on cross-border renminbi flows to defend the currency. For the first time in more than two decades, the People’s Bank of China (PBoC) is “explicitly” putting a limit on how much a firm’s onshore operations can lend to its businesses elsewhere.
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