News Column

Individual RMB Innovation Pilot to 1 Province, 3 Cities

July 14, 2014

BEIJING, July 14, SinoCast -- China's central bank PBC recently authorized two pilot zones, Suzhou Industrial Park and Tianjin Eco-City, to pilot cross-border renminbi innovation business with Singapore banking institutions.

The scope of places piloting individual renminbi innovation business has been expanded to one province and three cities.

This will further accelerate the pace for renminbi to go international. Meanwhile, individual foreign direct investment involves the content related to the capital account so that some insiders guessed the capital account liberalization is not far away.

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Source: Sinocast Banking & Credit Beat (China)

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