FTZ ready for full yuan convertibility
Print Edition
SHANGHAI’S pilot free trade zone is ready for the full convertibility of the yuan after various measures were put in place to control potential risks, said Zhang Xin, deputy head of the Shanghai headquarters of the People’s Bank of China.
“The Shanghai FTZ has made adequate technical preparation to take the lead in making the yuan freely convertible under capital account,” Zhang told a financial forum in Shanghai yesterday.
To make the yuan fully convertible, further reforms need to be pushed such as promoting cross-border investment by individual investors, boosting links with securities exchanges, easing foreign exchange rules, opening capital market wider to overseas investors, facilitating global use of the yuan and building a robust risk prevention system, Zhang said.
Ten risk-management tools have been implemented in the zone, including a system to prevent money laundering, terrorism financing and tax evasion as well as monitoring abnormal capital flows.
The measures have done away with the need for administrative approval for cross-border investment by individuals and overseas financing by enterprises through the zone, Zhang said.
As of June 1, cross-border settlement via free trade accounts totaled 160 billion yuan (US$25.8 billion) and funds raised from overseas markets came to 70 billion yuan in the zone.
Wang Zhenying, head of the statistics and research department at the central bank’s Shanghai headquarters, said cross-border issuance of interbank deposit certificates will soon be allowed in the FTZ as China continues its efforts to liberalize interest rates.
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