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April 1, 2020

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Lingang pilots cross-border transfers

The Lingang Special Area of the Shanghai Free Trade Zone launched the pilot cross-border transfer of domestic trade financing assets yesterday.

It aims to help the Lingang play a leading role in financial reform and innovation and financial opening-up, the Shanghai head office of the People’s Bank of China said in an online statement. Commercial banks in Shanghai can now carry out such transfers in the area.

The pilot policy is expected to help domestic banks further revitalize resources, optimize the structure of assets and liabilities and improve management efficiency.

It can help enrich cross-border two-way circulation of the yuan, meet demands of overseas firms for quality financial assets, and enhance the attractiveness of yuan-denominated assets.



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