BEIJING/SHANGHAI (Reuters) - China's forex regulator on Monday published cross-border capital management rules on depository receipts (DRs).
The State Administration of Foreign Exchange (SAFE) said it encourages the use of the yuan in cross-border payments involving DRs.
China allows the use of DRs in its planned cross-border Shanghai-London Stock Connect scheme, but the program has been delayed, with some investment bankers citing technical issues involving cross-border capital management.