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To boost the internationalization of the Chinese yuan, the People's Bank of China announced its plan of pilot programmes in 3 major financial centres, namely Beijing, Guangdong and Shenzhen to facilitate centralized operation of cross-border funds operations in local and foreign currencies for multinational companies giving them greater flexibility to manage their capital flow and improving foreign investment experience in China.
Under the pilot program, multinationals will be granted greater freedom to decide on the proportion of overseas lending and foreign debt. For the cross-border use of yuan funds, filling and review process will be simplified with expected shortened processing time. This optimization policies will provide a more relaxed environment for capital inflow, thus attracting more foreign direct investment to China.
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