SHANGHAI–China has released draft guidelines on foreign investors’ use of yuan acquired overseas for direct investment in the country, taking another significant step forward in further internationalizing the Chinese currency and opening the nation’s tightly controlled capital account.
In a statement late Monday, the Ministry of Commerce laid out for the first time the framework for the so-called yuan-denominated foreign direct investment, formalizing a trial program launched in the second half of last year. While under the trial program approvals were granted on a case-by-case basis, the new …
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