PBOC plans to boost opening-up in Shanghai

The People's Bank of China, the central bank, will issue several policies to facilitate opening-up of the financial sector in Shanghai in line with the plans to transform the city into an international financial center, a top official said on Thursday.

Speaking at the 10th Lujiazui Forum in Shanghai, PBOC Governor Yi Gang said that the central bank will help Shanghai develop innovative and trial cross-border renminbi businesses and products to advance the internationalization of the Chinese currency. To that end, Shanghai should make full use of its renminbi pricing settlement function of large commodities so that it can give financing support to the Belt and Road Initiative, said Yi.

Besides, Shanghai will be given the priority to start reforms in foreign exchange management. The function of free trade accounts at the China (Shanghai) Pilot Free Trade Zone should be further explored to promote capital account convertibility, he said.