FTZ ready for deepening reform on foreign exchange

Shanghai will speed up reforming the foreign exchange management, it was announced. Under the plans, comprehensive progress is to be made for the reform of foreign exchange management in the Shanghai free trade zone.

Shanghai Municipal Government will come up with more favorable policies to propel the reform of foreign exchange management in the Shanghai (Pilot) Free Trade Zone, a municipal working conference was told on Feb 10.

The decision is aimed at stimulating the foreign exchange market and strengthening the supervision and coordination of currency related issues.

The city's administration of foreign exchange pledged at the conference to further support the commodity and service trade and set up a resources database. Moreover, they will step up monitoring cross-border capital flow, putting foreign financial assets and liabilities on record and building a statistical system on international balance of payments.

Administrators also pointed out that they would promote the convertibility of yuan under capital accounts and let the banks authorize foreign exchange registration.