China has relaxed constraints on the ability of local companies to borrow overseas at a time when the world's second largest economy is experiencing a big surge in capital outflows.

The National Development and Reform Commission (NDRC), the country's chief economic planning agency, said on Tuesday (September 15) that companies will be allowed to issue renminbi bonds or take out foreign currency loans with a maturity of one year or more, so long as they register first.

Previously, companies