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Setting out top priority
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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.
At the end of October, there were 106 financial institutions and over 3,300 financial services companies registered in the zone.
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