China approves foreign banks to raise US$20b in mid-, long-term debt in 2016

[SHANGHAI] China has granted approval to foreign banks based in the country to raise a combined US$20 billion in foreign medium- and long-term debt in 2016, the country's top economic planner said on Tuesday.

Beijing sets annual quotas for China-based foreign banks to raise debt of one-year and longer outside China. The quotas are in effect from April 1 to March 31 next year.

In 2015, the National Development and Reform Commission, announced it assigned the quotas without giving details.

REUTERS