New pilot enables renminbi sweeping from China

A new pilot in China has given the green light for companies to move renminbi out of the country via inter-company loans. The scheme won’t yet allow the freedoms you might see in Singapore, Hong Kong, or Australia, but bankers are made up this is a major development for the Chinese currency.

Nov 27, 2012

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In a pilot launched last week, banks are now able to facilitate renminbi cross-border loans for corporates' activities outside of China. The move effectively enables renminbi cash sweeping out of the country for the first time.

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