Yuan lending set to cross new border in pilot plan

Shenzhen will push for a cross-border yuan lending pilot project this year that will allow banks in Hong Kong and Shenzhen to lend the currency directly to clients in the opposite city, a move that is expected to boost Hong Kong's offshore yuan business.

The Shenzhen city government has included the proposed program into its work schedule for this year, according to a document obtained by China Daily on Thursday.

Direct yuan lending, which will be an important link between the onshore and offshore markets for the currency, will deepen financial reforms in Shenzhen, the document said.