Pudong spurs foreign firms funded in overseas RMB

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Shanghai (CNS) -- The Shanghai Industrial and Commercial Bureau co-released a policy with the Pudong New Area government on Thursday to encourage the use of overseas renminbi (RMB) when foreign investors set up new firms in Shanghai.

The municipal policy will spare investors from exchange settlement procedures when registering new offices in China.

In the first half of the year, five new companies applied to Pudong to establish new offices or increase investment using overseas RMB worth about US$80.03 million.

The Ministry of Commerce released an inbound RMB investment guide in October last year to help foreign investors deal with common problems when getting started.

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