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Cross-border yuan use tops FTZ reform task
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SHANGHAI’S pilot free trade zone sees its immediate financial reform task as focusing on encouraging cross-border use of the yuan and opening the financial sector wider.
Other items on the agenda include further work with convertibility under capital account, interest rate liberalization, opening the financial services sector to private firms and foreign investors, and improving financial regulations, said Jin Xingming, deputy head of a financial reform coordination body led by Shanghai’s Vice Mayor Tu Guangshao.
More foreign investors will be encouraged to participate in the financial market in the FTZ as authorities strive to improve order and market mechanism, Jin said.
At the end of October, there were 106 financial institutions and over 3,300 financial services companies registered in the zone. New financial-related companies comprise a quarter of new firms registered in the zone since it was set up in September 2013.
A new gold exchange, set up in September in the FTZ, had seen 82.65 tons of gold worth 19.67 billion yuan (US$3.2 billion) transacted as of Tuesday.
The exchange allows overseas and domestic investors to trade the precious metal with yuan accumulated offshore.
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