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Citigroup and HSBC seek role in FTZ
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Citigroup Inc and HSBC Holdings Plc are keen to participate in Shanghai’s planned free trade zone as they seek to ride on the back of China’s financial reforms to forge a stronger foothold in the country.
“Citi is committed to playing a leading role in the development of the Shanghai Free Trade Zone,” James Griffiths, a Hong Kong-based spokesman for the American lender, said yesterday.
HSBC also said in an e-mailed statement that it is interested to play a role in the pilot zone in the Pudong New Area.
The central government has officially given the green light to setting up the pilot FTZ in Shanghai. Under a draft plan the FTZ is likely to see the liberalization of financial services that may allow convertibility of the yuan in the capital account as well as market-oriented interest rates.
To open on September 27, the FTZ may allow for greater liberalization of interest rates, freer cross-border lending, reform of the foreign debt quota and a simpler and freer regulatory environment, according to a latest report by Standard Chartered Bank.
The FTZ could also be an offshore financial center with the possible free convertibility of yuan within the zone, the report added.
Current foreign direct investment regulations may be suspended in the FTZ.
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