Qianhai loans test wider use of yuan

01/29/2013 | China Daily (Beijing)

Fifteen lenders, including HSBC Holdings and Industrial & Commercial Bank of China (Asia), have taken advantage of the Qianhai area in Shenzhen to test a freer yuan, signing agreements to extend about 2 billion yuan of cross-border loans to companies in Qianhai. The district has been set up as a sort of "mini-Hong Kong" to test freer yuan use and capital account convertibility before the currency takes on a wider global role.

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China Daily (Beijing)

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