Xuhui, BOC agreement
Print Edition
THE Xuhui District Government and Bank of China signed a strategic cooperation agreement for Free Trade Zone earlier this month in a bid to build a platform for innovative financial services.
The platform works like a “power strip” that supports business development in Xuhui through FTZ policy utilization and financial innovation exploration. District governor Bao Bingzhang said, the innovation power of the FTZ needs to be channeled to Xuhui. The two parties announced a list of 10 FTZ financial services earlier, which include free trade account establishment for FTZ-based and offshore institutions, centralized operation of foreign exchange capital for multinational companies, two-way cross-border yuan cash pool, centralized cross-border yuan payment and settlement for current account transactions, yuan and foreign-currency spot, forwards and swap contracts, commodity derivative trading, smaller foreign-currency settlement and yuan payment for cross-border e-commerce, offshore lending and financing, credit enhancement for cross-border debt financing, and global settlement service.
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