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UK bank gets MNC loan quota
Source: Xinhua |
November 27, 2012, Tuesday
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Print Edition
Print Edition
STANDARD Chartered Bank (China) has been granted approval for a yuan-denominated loan quota on behalf of an American multi-national company client, making it the first foreign bank which has done so, the lender said yesterday.
The approval of the 3.3 billion yuan (US$530 million) cross-border lending quota from the People's Bank of China Shanghai Branch is part of a pilot program that supports foreign and local MNCs which have plans to channel surplus yuan capital on the Chinese mainland to fund yuan-denominated activities overseas.
The approval of the 3.3 billion yuan (US$530 million) cross-border lending quota from the People's Bank of China Shanghai Branch is part of a pilot program that supports foreign and local MNCs which have plans to channel surplus yuan capital on the Chinese mainland to fund yuan-denominated activities overseas.
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