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China eases limit for foreign debt

Updated: Jul 20, 2023 By Zhou Lanxu chinadaily.com.cn Print
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A clerk counts yuan bank notes and US dollar bills at a branch of the Industrial and Commercial Bank of China in Huaibei, East China's Anhui province. [Photo/IC]

China increased the macro-prudential adjustment parameter for cross-border financing of corporates and financial institutions to 1.5 from 1.25 on Thursday, a move that experts said will help boost confidence in the renminbi, the Chinese currency.

The People's Bank of China, the country's central bank, and the State Administration of Foreign Exchange announced in a joint statement on Thursday the intention to raise the parameter, which allows Chinese companies and financial institutions to borrow more from overseas.

The move is aimed at expanding the cross-border funding sources of enterprises and financial institutions and encouraging them to optimize their asset-liability structure, the statement said.

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