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FINANCE

Central Bank Relaxes Controls on Yuan’s Cross-Border Use

The use of the yuan in cross-border payments has fallen in recent years as fears of depreciation and capital controls limited the use of the currency. Photo: IC
The use of the yuan in cross-border payments has fallen in recent years as fears of depreciation and capital controls limited the use of the currency. Photo: IC

The central bank has removed more limits on cross-border flows of the yuan.

Overseas salaries can now be paid in China’s national currency and foreign companies can use the yuan to participate in the domestic carbon-trading market, according to a document released by the People’s Bank of China (PBOC) on Friday. The measures are effective immediately.

The central bank also clarified that onshore companies that issue bonds or stock in yuan overseas can transfer those funds back to China “depending on their actual needs.”

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