New currency rules applied in Pingtan zone, Xinhua says
A package of newforeign-currency rules has been implemented at the Pingtan Comprehensive Pilot Zone, according to a report on Xinhua quoting sources at Fuzhou Central Sub-branch of the People’s Bank of China. Under the newrules, foreign-invested companies in the PCPZ are allowed to borrow offshore funds equivalent to as much as twice their net assets at the end of the previous year. For Chinese companies, short-term overseas loans should not exceed half of their net assets. The newmeasures also support PCPZ’s businesses issuing yuan-denominated bonds in Taiwan.