Following the promulgation of the Circular of the People's Bank of China Regarding the Expansion of Unified Cross-border Financing Macroprudential Management Pilot Areas ("Pilot Area Circular") in January 2016, the People's Bank of China ("PBOC") has decided to expand the pilot program for the macro-prudential management of unified RMB and foreign currency denominated foreign debts to cover both financial institutions and enterprises nationwide. On April 29, 2016, PBOC subsequently issued the Circular of the People's Bank of China Regarding the Nationwide Implementation of Unified Cross-border Financing Macroprudential Management ("Implementing Circular").