China Development Bank plans to raise overseas dollar debt to fund onshore liquidity

China Development Bank said late Wednesday it plans to raise overseas dollar debt to increase onshore dollar liquidity after the country's central bank relaxed rules last month to allow firms and financial institutions to borrow more from overseas. The decision comes after the People's Bank of China (PBOC) raised a parameter on cross-border corporate financing under its macro-prudential assessments (MPA) to 1.5 from 1.25 in July, the policy bank said. "The yuan exchange rate's upward trend in mid- to long-term has remained unchanged," the policy bank said in a statement on official WeChat account.