BEIJING, Dec. 16 (Xinhua) -- The Ministry of Commerce (MOC) announced on Monday that it will further loosen control on cross-border yuan direct investment in an effort to facilitate investment.
Under the new MOC regulation, approval procedures for yuan-denominated direct investment from overseas investors will be further simplified. The new regulation takes effect on Jan. 1, 2014.
In cross-border yuan direct investment, foreign investors use legally acquired yuan to make investments in China by founding companies, increasing investment, or participating in mergers and acquisitions of domestic enterprises, the MOC said in a statement.
Yuan cross-border trade settlement hits 8.6 trillion
GUANGZHOU, Nov. 1 (Xinhua) -- China's cross-border trade settlements in its national currency, the yuan or renminbi, totalled 8.6 trillion yuan (1.4 trillion U.S. dollars) by the end of September since the program's launch in July 2009, a central bank official said on Friday.
Cross-border yuan transactions have been conducted in 220 countries and regions and China had signed currency swap contracts with 23 countries and regions by the end of September, said Xing Yujing, secretary general of the monetary policy committee of the People's Bank of China (PBOC), the central bank. Full story