China gives nod to foreign central banks to remit funds

Shanghai

THE People's Bank of China (PBOC) said that foreign central banks investing in the domestic interbank market will be able to freely remit funds without regulatory approval, in a further step to open up its debt markets.

China announced last year that it would allow foreign financial institutions to invest in its massive interbank market, home to its primary bond and foreign exchanges, without quota restrictions.

The details, in a set of documents published on the central bank's website on Thursday, come as China tries to attract more foreign capital into its domestic bond market. Beijing seeks both to boost domestic liquidity and restore confidence in the yuan - key to increasing its international usage after it was admitted to…