On December 21, 2020, the People's Bank of China (PBOC) officially replied to approve the establishment of RMB overseas investment and loan funds in Beijing, marking another step forward for the construction of a national integrated demonstration zone for greater openness in the service sector and the China (Beijing) Pilot Free Trade Zone (collectively referred to as the "Two Zones").

With a global vision, the RMB overseas investment and loan funds will highlight the conditions of Beijing, strengthen institutional innovation and emphasize risk mitigation.

It will employ market-oriented professional operations for overseas RMB direct investment and overseas RMB loans, provide support for global cooperation and transformation and upgrading of Beijing enterprises, and ensure cross-border capital support for the dual-circulation development pattern of Beijing.

The RMB overseas investment and loan funds will further explore useful experience of opening up in the financial sector, help more enterprises to be fully involved in international cooperation. It will support Beijing in building the international center for science and technology innovation, and contribute to the construction of the Two Zones and the structuring of a new development pattern.

(Note: Content source is from people.cn）