Free trade zones to drive internationalization of renminbi

The courageous experiments to be anticipated in the pilot free trade zones in China will grow into an important driving force for the internationalization of the renminbi, experts and industry leaders attending the ongoing second China International Import Expo said.

In his keynote speech delivered at the opening ceremony of the second CIIE held on Tuesday, President Xi Jinping said that China will continue to encourage bold trials and experiments in pilot free trade zones and quicken the development of the Hainan Free Trade Port, which will be the pacesetters in the opening-up of China.

Chen Yulu, deputy governor of the People's Bank of China, said that Lingang Special Area - the newly added part of the China (Shanghai) Pilot Free Trade Zone announced in August - imposes higher requirements on financial services supporting the real economy. It will also lead to a higher level of financial opening-up and innovation.