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New trials for banks in Shanghai FTZ
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Shanghai’s banking regulator said it will allow banks in the free trade zone to try new businesses under a special regulatory and risk management mechanism.
Banks in the free trade zone are encouraged to interact with the regulator when they met with obstacles when conducting innovative businesses, and the mechanism will allow new trials case-by-case, the Shanghai branch of China Banking Regulatory Commission has said in a statement.
Meanwhile, risk management reporting system has been enhanced in the free trade zone on liquidity, geographic, market risks and possible systematic risks with new businesses, the regulator said.
The new risk management system prioritizes trade finance of commodities and real-time guidance has been made several times against financing risks.
The regulator said the free trade zone now has 21 bank headquarters after the zone quadrupled in April to cover the Lujiazui financial area, Jinqiao development area and Zhangjiang High-Tech Park.
All financial liberation rules in the free trade zone have applied to the extended area, allowing banks greater flexibility in dealing with cross-border money flow and cash management.
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