Action Plan for Shanghai's Offshore Financial Hub Unveiled, Backs Banks in Conducting Offshore RMB Forex Trading

Deep News06-17

The Shanghai International Financial Center Development Offshore Finance Action Plan has been jointly issued by multiple government bodies including the People's Bank of China and the Shanghai Municipal People's Government.

This plan outlines support for the development of renminbi offshore trading. It specifically endorses qualified commercial banks to conduct offshore renminbi foreign exchange trading business within the Shanghai Pilot Free Trade Zone.

Furthermore, the initiative supports the enhancement of offshore foreign exchange trading service capabilities by the foreign exchange trading center, aiming to promote the direct trading of renminbi against non-US dollar currencies.

The plan also calls for leveraging the platform of the foreign exchange trading center to aggregate global liquidity in foreign currency pairs and other foreign currency markets, thereby strengthening the function of international capital allocation.

To underpin these developments, a comprehensive supporting policy framework and talent service mechanism will be established and improved to ensure the growth of offshore foreign exchange business at the trading center.

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