China to relax rules on cross-border yuan use, as currency hits 30-month high against US dollar

//China to relax rules on cross-border yuan use, as currency hits 30-month high against US dollar

China to relax rules on cross-border yuan use, as currency hits 30-month high against US dollar

Beijing will make it easier for traders, multinational companies and outbound investors to use the yuan in international transactions, after the Chinese currency rallied to a 30-month high against the US dollar.The new rules, which take effect February 4, will cut red tape in yuan trade settlements, simplify paperwork and streamline the ability of Chinese citizens to move money out of the country, according to a circular jointly released by the People‘s Bank of China and five other government…

Article by [author-name] (c) South China Morning Post - Read full story here.

By | 2021-01-05T14:00:21+00:00 January 5th, 2021|Business|Comments Off on China to relax rules on cross-border yuan use, as currency hits 30-month high against US dollar