Government News
PBOC’s Shanghai Branch to expand cross-border Yuan use, promote high-level opening-up 2024-08-06
The Shanghai office of China’s central bank will further expand the cross-border applications of the Chinese yuan and promote the high-level opening-up of the financial sector to support the development of the real economy and avoid financial risks in the second half, per the statement released on Monday.
Guiding financial institutions to maintain reasonable growth and a balanced provision of loan offerings and better exploiting the functions of structural monetary policy tools are among the proposals put forward by the Shanghai Head Office of the People’s Bank of China to support the real economy at its work conference held on August 2.
To avoid and resolve financial risks, the Shanghai branch of the PBOC suggested strengthening risk monitoring in key sectors to boost institutions’ gradual resolution of risks, striving to spur the dissolution of peer-to-peer online lenders’ existing businesses, and tightening the monitoring and analysis of the real estate market’s operation and financial situations.
The authority also noted that it would promote the in-depth development of Shanghai’s Pudong district, free-trade zone, and Lingang New Area to better serve the integration of the Yangtze River Delta region, as well as expand the cross-border applications of the Chinese yuan to enhance the quality and expansion scope of the high-level opening-up of the city’s cross-border trade investment.
In terms of improving financial management and related services, the PBOC’s Shanghai office said it should enhance its law governance by executing law enforcement checks and constantly improving the diversified and inclusive payment services system. Moreover, it will further build the system to prevent fraud-relevant funds to improve the quality and efficiency of bank accounts-related services.
Source: Yicai Global
Guiding financial institutions to maintain reasonable growth and a balanced provision of loan offerings and better exploiting the functions of structural monetary policy tools are among the proposals put forward by the Shanghai Head Office of the People’s Bank of China to support the real economy at its work conference held on August 2.
To avoid and resolve financial risks, the Shanghai branch of the PBOC suggested strengthening risk monitoring in key sectors to boost institutions’ gradual resolution of risks, striving to spur the dissolution of peer-to-peer online lenders’ existing businesses, and tightening the monitoring and analysis of the real estate market’s operation and financial situations.
The authority also noted that it would promote the in-depth development of Shanghai’s Pudong district, free-trade zone, and Lingang New Area to better serve the integration of the Yangtze River Delta region, as well as expand the cross-border applications of the Chinese yuan to enhance the quality and expansion scope of the high-level opening-up of the city’s cross-border trade investment.
In terms of improving financial management and related services, the PBOC’s Shanghai office said it should enhance its law governance by executing law enforcement checks and constantly improving the diversified and inclusive payment services system. Moreover, it will further build the system to prevent fraud-relevant funds to improve the quality and efficiency of bank accounts-related services.
Source: Yicai Global
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