The National Development and Reform Commission will remove quota approval processes for foreign currency or yuan notes and loans with a term of more than one year, Bloomberg reported, citing a statement published to the commission’s site. Companies are only required to register with the regulator, the statement said, whereas the NDRC previously reviewed each firm’s application for foreign borrowing. “Given the strong yuan depreciation expectation, the government is probably encouraging more overseas borrowings, which will result in more capital inflows,” said Li Liuyang, the chief financial market analyst at Bank of Tokyo-Mitsubishi UFJ (China) in Shanghai.
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