China Currency Freedoms Beckon as Shanghai Offers Test
This article is for subscribers only.
It’s called pooling, and it’s made all the difference to the financial operations of refrigeration-equipment maker Dover Corp. in China.
Taking advantage of new freedoms in Shanghai’s free-trade zone since April, Dover is pooling yuan -- transferring its holdings of the Chinese currency in and out of the nation, without needing the approval of the foreign-exchange regulator.