$SOL Bank of China and four other departments: Support qualified commercial banks to carry out offshore renminbi foreign exchange trading business in the Shanghai Free Trade Pilot Zone

The People's Bank of China and four other departments, together with the Shanghai Municipal People's Government, jointly issued the "Shanghai International Financial Center Development Offshore Finance Action Plan". The "Action Plan" proposes to support the development of offshore renminbi trading. Support qualified commercial banks to carry out offshore renminbi foreign exchange trading business in the Shanghai Free Trade Pilot Zone. Support the Foreign Exchange Trading Center to enhance its offshore foreign exchange trading service capabilities, and promote the direct trading of renminbi against non-US currencies. Relying on the Foreign Exchange Trading Center platform, gather global foreign currency pairs, foreign currency markets, and liquidity, enhancing the function of international capital allocation. Establish and improve supporting policies and talent service mechanisms to ensure the development of offshore foreign exchange business at the Foreign Exchange Trading Center.