Beijing has published rules to govern how foreign companies can bring offshore renminbi funds into China for investment, a move that nudges the Chinese currency a step closer to a more prominent international role.
Renminbi-denominated bond issuance has sprung to life in Hong Kong during the past year, with foreign companies from McDonald’s to Caterpillar tapping the so-called “dim sum” bond market.
But faster growth has been stymied by the hurdles that foreign companies face in channelling the cash to their mainland operations. Chinese regulators closely guard the country’s capital account to prevent hot money from entering the economy.
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