People's Bank of China: The overseas loan balance of the lender shall not exceed its limit of overseas loan balance.

The People's Bank of China is soliciting public opinions on the "Regulations on the Management of Overseas Loans by Domestic Enterprises." The regulations propose that overseas loans shall be subject to unified macro-prudential management in both RMB and foreign currencies. The overseas loan balance of the lender shall not exceed its limit. In the event that the lender, as a guarantor or counter-guarantor, incurs external debt rights resulting from onshore guarantee for offshore loans or other forms of cross-border guarantee, such debts shall be included in the management of the lender's overseas loan balance. If the lender converts existing overseas loans into equity investments or other forms of overseas direct investment, they shall first complete the approval or record-filing procedures for overseas direct investment, then, with the relevant approval or record-filing documents, proceed to the local branch of the State Administration of Foreign Exchange to complete the registration for overseas direct investment at the bank.