Ping An Insurance has been selected as the first Chinese life insurer to take foreign currency premiums under a trial program, the Wall Street Journal reported. According to the State Administration for Foreign Exchange, Ping An will be able to make payments to clients in foreign currency as well as collect foreign currency premiums. It can use this money to invest domestically or internationally but will not be allowed to convert the revenues into other currencies. The development is seen as a further effort from Beijing to liberalize China's capital account. It has already approved short-term foreign currency products for casualty-insurance services.
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