Tianjin eco city tries out yuan settlement
Print Edition
COMPANIES and individuals in the Sino-Singapore Tianjin Eco City yesterday received 2 billion yuan (US$322 million) quota from China’s central bank for cross-border yuan investment and borrowing as part of a continuing effort to promote the international use of the yuan.
The People’s Bank of China has allowed companies in the eco city to borrow yuan from banks in Singapore, equity funds to invest overseas, and individuals to transact yuan under the current account and direct investment account.
Companies are also allowed to issue yuan-denominated bonds in Singapore, according to a posting on the official website of the Tianjin Eco City yesterday.
The eco city, a joint project between the China and Singapore governments, aims to build a sustainable green energy area housing 350,000 residents.
Last month a similar trial was launched in the Suzhou Industrial Park.
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