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March 6, 2020

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New policy for cross- border acts

The Lingang Special Area issued details yesterday that will enable banks to provide cross-border yuan settlement for “quality companies,” allowing qualified businesses in Lingang to use the yuan to settle cross-border transactions.

Banks can facilitate cross-border yuan settlement for well-performing Lingang-based corporations, in fields such as integrated circuits, artificial intelligence, biomedicine, aerospace, new energy and intelligent vehicles, smart manufacturing and high-end equipment.

In line with the new policy, qualified companies will no longer be required to submit paperwork in advance as proof of transactions.

This latest effort has been made by the Shanghai headquarters of the People’s Bank of China, Shanghai Financial Regulatory Bureau, Lingang Special Area Administrative Committee and various banks to serve the real economy and promote trade and investment in the Shanghai free trade zone.


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