Bank of China (BOC) has secured approval from the country’s central bank to bring back the yuan it accumulated overseas, The Wall Street Journal reports. The People’s Bank of China (PBOC) has allowed the lender to bring back $1.6 billion it raised offshore.
Currently, there is around $19.29 billion yuan denominated debt issued outside China. The BOC has now joined China Merchants Bank, who received a similar approval to bring back funds to work on the mainland earlier this year.
Click here for the story from The Wall Street Journal.