China to let Shanghai FTZ non-finance firms convert cash raised from overseas debt: sources

China will allow non-financial firms in the Shanghai free trade zone to freely convert cash raised from overseas debt into yuan, three sources with direct knowledge of the plan told Reuters on Wednesday. 

PHOTO: REUTERS

DEC 16, 20156:17 PM

[SHANGHAI] China will allow non-financial firms in the Shanghai free trade zone to freely convert cash raised from overseas debt into yuan, three sources with direct knowledge of the plan told Reuters on Wednesday.

No immediate comment was available from China's central bank.

Last week, China said it would allow limited convertibility of the yuan in three free trade zones (FTZ) in Guangdong, Fujian and Tianjin.

The move further liberalised China's capital account after its currency was admitted to the International Monetary Fund's reserve basket.

REUTERS