Companies and individuals in the Sino-Singapore Tianjin Eco City yesterday received 2 billion CNY (322 million USD) quotas from China’s central bank for cross-border CNY investment and borrowing as part of a continuing effort to promote the international use of the CNY.

 

The People’s Bank of China has allowed companies in the eco city to borrow CNY from banks in Singapore, equity funds to invest overseas, and individuals to transact  CNY under the current account and direct investment account.

 

Companies are also allowed to issue CNY-denominated bonds in Singapore, according to a posting on the official website of the Tianjin Eco City yesterday.

 

The eco city, a joint project between the China and Singapore governments, aims to build a sustainable green energy area housing 350,000 residents.

 

Last month a similar trial was launched in the Suzhou Industrial Park. 

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