Imparting FTZ case studies on innovation
Print Edition
SHANGHAI has unveiled a second round of case studies of companies which undertook financial innovations in free trade accounts and growing cross-border yuan trade in the pilot free trade zone.
The Shanghai Financial Services Office said the case studies, to be unveiled regularly, aim to encourage more innovative financial services to promote trade and facilitate investment in the zone.
By the end of June, nearly 500 free trade accounts have been opened by companies, financial institutions and individuals based in the FTZ and overseas, Dai Haibo, deputy director of the zone’s management committee, said at a meeting in Shanghai yesterday.
The free trade accounts in the FTZ provided by seven Chinese banks aim to smooth cross-border money transfers for both domestic and foreign companies, the People’s Bank of China said nearly two weeks ago when the accounts were first launched in the zone.
A case study the office shared was the Bank of Shanghai arranging a 30 million yuan (US$4.8 million) offshore syndication loan for a company in the FTZ, which also involved banks in Hong Kong and Taiwan. The loan was the first of its kind in the zone.
Citibank China was studied for its solution in the centralized payment and collection in the cross-border yuan settlement which cuts transaction, foreign exchange and financing costs for multinational companies.
Cross-border yuan trade in the FTZ jumped 90 percent year on year to 34.8 billion yuan in March, and in May it soared 169 percent to 80 billion yuan.
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