RMB cash management in limbo as market awaits PBoC guidelines
PBoC plans expansion of free trade zone policies
Rules surrounding renminbi cash management in China are stuck in limbo, as corporates, banks and other market participants await further guidelines from the People's Bank of China (PBoC) on the establishment of two-way sweeping accounts throughout the country, which were originally proposed in early June.
Currently, the PBoC only allows renminbi two-way sweeping accounts by foreign corporates with a registered entity inside the Shanghai Free Trade Zone (FTZ) alongside foreign currency sweep
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