The People's Bank of China abolishes the upper limit on the proportion of RMB account financing.

The People's Bank of China (PBOC) issued a notice regarding matters related to cross-border RMB interbank financing business of banking financial institutions. This notice takes effect from the date of issuance. On the date of implementation of this notice, domestic banks whose existing cross-border RMB interbank financing business exceeds the upper limit for net lending shall suspend new cross-border RMB interbank lending business from the following day until the net lending balance returns to within the upper limit, at which point existing lending business will naturally mature. Article 6 of the "Notice of the People's Bank of China on Simplifying Cross-border RMB Business Procedures and Improving Relevant Policies" (Yinfa [2013] No. 168) regarding the upper limit for RMB account financing ratios is hereby repealed. (Jinshi)