The People’s Bank of China has released a guideline regarding direct foreign investments in renminbi settlement business.
Date: Nov 7, 2011
The People’s Bank of China has released a guideline regarding direct foreign investments in renminbi (RMB) settlement business.
The guideline makes it clear that as long as overseas investors such as enterprises, economic institutions or individuals comply with China’s relevant regulation of direct foreign investment, then they can directly apply to banks for opening RMB banking settlement accounts as overseas institutions.
The banks, according to the regulation, can directly conduct RMB settlement business for foreign investing enterprises.