China's central bank issued guiding opinions on Wednesday to support stable growth of foreign trade. The People's Bank of China said in a statement published on its website that it will encourage financial institutions in the banking sector to broaden funding channels for Chinese enterprises, innovate financial products and services, and further expand financing through export credit insurance.
The PBOC will support qualified financial leasing companies to expand funding channels by issuing financial bonds and participating in pilot projects for credit asset securitization. Apart from simplifying cross-border trading and?yuan settlement procedure for direct investment, the central bank will also support cooperation among financial institutions and payment service providers on cross-border?yuan settlement.
Multinational corporations are allowed to carry out centralized cross-border?yuan fund operations, including two-way cross-border?yuan cash pool business, according to regulations of the PBOC. Financial institutions can provide cross-border?yuan settlement service for trade in goods and services developed by individuals based on the institutions' knowledge of the clients and due diligence check.
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