Qianhai offshore RMB loans

Loans from Hong Kong-based banks to firms in China's Qianhai special economic zone reached nearly 7 billion yuan ($1.14 billion) by the end of August, the Xinhua News Agency reported over the weekend, citing Li Qiang, deputy director of Qianhai Administration Bureau. Li predicted that with the further development of Qianhai in the next two years, the lending will increase more quickly.

Qianhai special economic zone is located in Shenzhen, South China's Guangdong Province near Hong Kong.

Firms in the zone are allowed to borrow money from banks in Hong Kong at interest rates and maturity set independently.