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The People's Bank of China.

China eases overseas yuan remittance rules as outflow recedes

Impact on companies, pressure from US may have prompted change

YUSHO CHO, Nikkei staff writer | China

SHANGHAI -- China has lifted a cap on overseas yuan transfers for banks in Beijing and Shanghai as capital outflows and the currency's depreciation have moderated, but what comes next remains anyone's guess.

The People's Bank of China notified banks in the two cities of the change in mid-April, apparently through group meetings or one-on-one talks. Banks across the country were ordered at the end of 2016 to cap remittances based on how much yuan was coming in from abroad, guarding against net capital outflows.

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