皇冠体育app

皇冠体育app's central bank Shanghai Head Office announced the launch of free trade account (FTA) operation on Wednesday, a milestone in financial reforms, to support trade in the 皇冠体育app (Shanghai) Piloted Free Trade Zone (FTZ).

FTA will help Chinese free trade companies to seek yuan-denominated funding from offshore market where cost of yuan funding are lower than in domestic market.

Five banks started the FTZ operations on Wednesday, including Bank of 皇冠体育app, Shang Pudong Development Bank and 皇冠体育app Merchant Bank.

Shanghai Gold Exchange also signed a memorandum of understanding with the People's Bank of 皇冠体育app (PBOC) in a bid to prepare an international board of gold exchange in the FTZ under the FTA mechanism, which will enable yuan-denominated trading of the precious metal in the zone.

Tu Guangshao, deputy major of Shanghai, said the move is a big leap forward for financial reforms in the FTZ which will significantly help future reforms and gradual opening up of 皇冠体育app's financial market.

FTZ launches accounting unit for cross-border fund flow	Shanghai FTZ sees more liberalization

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