Yesmy gets offshore RMB investment
February 27, 2012, Monday
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Print Edition
Print Edition
Yesmy (Shanghai) Commerce & Trading Co has won approval from Jiading government, allowing it to receive RMB as capital injections from its investor, Yesmy Limited with their legally obtained RMB. This is the first case approved in Jiading since last November, when the Shanghai Commission of Commerce introduced the regulation about direct investment projects using offshore RMB. Under the existing foreign exchange management policy, foreign investors have to remit convertible currencies from abroad as registered capital. Now with the new policy, offshore RMB can be directly invested in the Chinese mainland, providing convenience to the foreign investors by omitting currency exchange settlement.
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