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China's NDRC raise foreign bank's debt quotas

The National Development and Reform Commission (NDRC) increased the amount of long-term overseas debt that foreign banks can borrow, a spokesperson from Singapore-based OCBC Bank told the Global Times Wednesday, Global Times reported.

The change has made it easier for foreign banks to bring money into the country from abroad as the country struggles to hold onto foreign investment and ease capital outflows caused by the slowing domestic economy, experts told the Global Times.

China instituted quotas on how much foreign banks could borrow to limit the flow of capital into the country to help keep the exchange rate stable and hinder the inflow of hot money, said Zhou Hao, a global market analyst from ANZ China, the newspaper said.

Web link: http://www.chinaeconomicreview.com/node/56825

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