On 11 January 2017, the People's Bank of China ("PBOC"), China's central bank, issued the People's Bank of China Circular on Matters relating to the Full Bore Macroprudential Administration of Cross-Border Financings ("New PBOC Circular"). The stated aims of the New PBOC Circular are to further expand the space in which enterprises and financial institutions can engage in cross-border financing, facilitate the full deployment of overseas low-cost overseas capital, and lower 'real economy' financing costs.