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Curbs on yuan funds to be further eased
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China will further loosen control on cross-border yuan direct investment to facilitate investment, the Ministry of Commerce said yesterday.
Under the ministry’s new regulation, set to effect on January 1, approval procedures for yuan-denominated direct investment from overseas investors will be further simplified.
In cross-border yuan direct investment, foreign investors use legally acquired yuan to invest in China in companies, increasing investment, or participating in mergers and acquisitions of domestic enterprises, the ministry said in a statement.
Foreign investors are still not allowed to invest in negotiable securities, financial derivatives, and entrusted loans in yuan.
The existing regulation, which took effect in 2011, requires provincial bureaus to report to the ministry for further approval if foreign investors’ yuan investment hits 300 million yuan (US$49 million) or more.
Further approval is also required if their investment is in sectors such as financing guarantee, financial leasing, micro credit, auctions, cement, steel, electrolytic aluminum or shipbuilding.
The new regulation raises no such requirements. Overseas investors also include those from Hong Kong, Macau, and Taiwan, according to the regulation.
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