Guideline made for Shanghai pilot zone

Shanghai is set to test the water for further financial reform after the central government approved the establishment of a pilot free trade zone in the business hub.

The city released detailed guidelines including measures to allow more private capital in the banking sector and promote cross-border use of the yuan.

The guidelines consist of 42 entries divided into three categories: those that are already in place yet need reinforcement, those that are ready to be launched and those that still await approval.