The People's Bank of China has decided to expand the macro-prudential management pilot of full-caliber cross-border financing integrating local and foreign currencies to national financial institutions and enterprises from May 3, 20 16.

It means:

For financial institutions and enterprises, the People's Bank of China and the State Administration of Foreign Exchange do not approve foreign debts in advance, but financial institutions and enterprises independently carry out cross-border financing in local and foreign currencies within the upper limit of cross-border financing linked to their capital or net assets.