The People’s Bank of China on 2 December issued opinions regarding financial support for the development of China (Shanghai) pilot free trade zone. The guidance has five areas of focus:

  • Expansion of cross-border use of RMB;
  • Acceleration of interest rate liberalization;
  • Innovation in the bank account system;
  • Facilitation of foreign exchange conversion in investment and financing; and
  • Deeper reform of foreign exchange administration.