The Hong Kong Monetary Authority (HKMA) is looking to put in place a framework for bringing offshore yuan funds back to mainland China by the end of this year, The Wall Street Journal reports. The move will boost the issuance of yuan-denominated bonds and bank loans in Hong Kong.
Chinese authorities will alter the rules to make it easier for companies to remit yuan funds into their projects in China. At present, the country gives only case-by-case permission for remittance of yuan funds raised offshore.
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