Shanghai FTZ to function as offshore trade centre
The Shanghai Free Trade Zone (FTZ) will use special accounts to allow trade settlements and trade finance in renminbi, effectively establishing an “offshore” trade centre within its borders.
The People’s Bank of China (PBOC) released an “opinion” on December 2 detailing financial support for the FTZ. The opinion explained how the FTZ allowed for the first time free transactions between onshore and offshore bank accounts.
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