China has sharply increased the amount of overseas funding that can be raised by banks and companies operating in Shanghai’s Free Trade Zone (FTZ) as the country slowly prises open its capital account.
Inability to move money in and out of China is one of the perennial headaches for companies — both domestic and international — in the country. This is not least because funding is cheaper outside China.
The People’s Bank of China’s benchmark one-year lending rate is 5.6 per cent, compared with 0.7 per cent on one-year Libor and 4.2 per cent on Hibor, Hong Kong’s offshore renminbi equivalent.
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