Thursday, Jul 24, 2014Thursday, Jul 24, 2014
Business
 

Tianjin Eco-City gets go-ahead for cross-border yuan deals with S'pore

Published on Jul 8, 2014 3:18 PM
 
The Sino-Singapore Tianjin Eco-City is the model for sustainable development in China. China's central bank will allow companies and individuals in Tianjin Eco-City to conduct cross-border yuan transactions with Singapore, following in the footsteps of the Suzhou Industrial Park trial which was approved last month, sources said. -- PHOTO: KEPPEL

HONG KONG (Reuters) - China's central bank will allow companies and individuals in Tianjin Eco-City to conduct cross-border yuan transactions with Singapore, following in the footsteps of the Suzhou Industrial Park trial which was approved last month, sources said.

The People's Bank of China (PBOC) has released rules to banks to kick off the Tianjin trial, which will allow equity investment funds and individuals to make overseas investments in yuan.

It will also allow corporates in the area to borrow yuan loans from banks in Singapore, three sources told Reuters on Tuesday.

One of the sources close to Chinese regulators said the central bank will announce the trial scheme on Wednesday.

Videos