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China loosens RMB cross-border transaction rules to spur domestic consumption

Chinese authorities have relaxed regulations on RMB cross-border transactions. Domestic banks will now be allowed to open personal RMB accounts for Hong Kong and Macau residents with an increased maximum of daily transactions into mainland China same-name accounts. The People’s Bank of China (PBoC) and five government agencies on 31 December 2020 issued the Notice Regarding Further Optimising Cross-Border RMB…

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