Shanghai FTZ financial reform architecture in place
China has finally announced details on how renminbi can be moved via the Shanghai free trade zone for current account business. Greater convergence between onshore and offshore FX curves are expected on the back of it.
The Shanghai office of the People's Bank of China (PBOC) announced on May 22 immediate and critical implementation details on the use of free trade accounts (FTAs) which essentially opens up the country's capital account within the free trade zone (FTZ).
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