China's Wenzhou lets residents invest abroad

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In Response To: China 2010 vehicle sales surge 32% ()

China's Wenzhou lets residents invest abroad (by Chris Oliver)

HONG KONG (MarketWatch) - Residents of Wenzhuo, a city in China's eastern Zhejiang province, will be able to invest directly overseas under a pilot program, as authorities loosen currency controls in an effort to ease pressure on the yuan to appreciate, according to reports. Wenzhou residents can't invest more than $3 million in any single project, or invest more than $200 million abroad in any single year, according to reports which cited statements by the Wenzhou Foreign Trade and Economic Cooperation Bureau on Friday. Investments in real estate or stocks will reportedly be prohibited during the trial.

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China's Wenzhou lets residents invest abroad

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