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

Five departments, including the People’s Bank of China, jointly with the Shanghai Municipal People’s Government, issued the 《Shanghai International Financial Center Development Offshore Financial Action Plan》. The Action Plan proposes to support the development of offshore RMB trading. Support qualified commercial banks to carry out offshore RMB 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 to promote the development of direct trading of RMB against non-US currencies. Relying on the Foreign Exchange Trading Center platform, gather liquidity in overseas foreign exchange markets, including global foreign currency pairs and foreign currency market liquidity, and strengthen the function of international capital allocation. Establish and improve supporting policy and talent service mechanisms to ensure support for the development of offshore foreign exchange business at the Foreign Exchange Trading Center.