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China to loosen restrictions of RMB capital items

www.chinanews.cn 2005-02-28 13:22:34

Chinanews, Feb. 27 - Guo Shuqing, director-general of the State
Administration of Foreign Exchange (SAFE), indicated that China would
loosen restrictions on some RMB capital items in 2005, which is one step
closer to the ultimate objective----RMB's full convertibility.
Guo Shuqing revealed that China would, starting this year, allow domestic
enterprises, after they list overseas, to leave the proceeds of the IPO
abroad or enter into capital-preservation hedges or swaps. China would
also:
-- encourage international developmental organizations to issue domestic
Yuan-denominated bonds,
-- support insurance companies and social security fund to invest
overseas,
-- increase support of follow-up financing for foreign businesses in
China,
-- study whether to allow multinationals to purchase foreign exchange for
cross-border financing.

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