China to kick off cross-border yuan loans in pilot zone near Hong Kong

China will kick off cross-border yuan lending in a pilot zone near Hong Kong on Monday, when eight to 10 Hong Kong-based banks sign agreements for yuan loans to mainland Chinese firms for the first time, the official Shanghai Securities News reported.

The agreements are a step towards opening China’s capital account and internationalising its currency.

via Business feed http://www.scmp.com/business/economy/article/1137716/china-kick-cross-border-yuan-loans-pilot-zone-near-hong-kong