"China's central bank is set to give the go-ahead to for the two-way cash sweeping of RMB cross-border, previously never conducted before from China." writes Daniel Flatt in The Corporate Treasurer.

He continues, "It is understood two companies are in line to receive the initial green light from the central bank's Shanghai branch, which could be announced "shortly", according to bankers close to the central bank's thinking. CT was unable to confirm the names by press time."

It is already possible to sweep FX from China abroad. The structure of the new sweep will be quite simple, but it expected that the level of entry will be quite restricted, and there will be a cap, like on FX, related to the foreign debt quota.

The PBOC is also expected to publish formal guidelines on how get be approved for the use of RMB cross-border inter-company loans.

Read more in the full article here.