16 Jan '11, 12am

China to allow firms to invest yuan abroad

BEIJING - THE Chinese central bank on Thursday unveiled rules allowing domestic firms to use yuan for direct investment overseas, an important step towards expanding the currency's role in the global economy. In guidelines published on its website, the People's Bank of China said that companies would be allowed to use yuan for launching new businesses abroad as well as conducting mergers and acquisitions. It said that the measures were a pilot programme aimed at encouraging Chinese firms to venture abroad. -- REUTERS

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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