China eases rules for foreign investors

BEIJING: China’s central bank will allow foreign businesses to invest in domestic financial firms using offshore yuan funding, it said, as part of efforts to broaden the usage of the currency in cross-border investments.

Foreign businesses could invest their yuan revenues in local financial firms in several ways, including by setting up joint ventures or mergers, or by buying stakes in domestic firms, the People’s Bank of China said in a statement on its website.