PBOC vows to sup­port Shang­hai’s devel­op­ment

Shanghai Daily - - TOP NEWS - Li Liyuan

YI Gang, gov­er­nor of the Peo­ple’s Bank of China, yes­ter­day said the cen­tral bank will sup­port Shang­hai as it opens up and re­forms the fi­nan­cial sec­tor.

Speak­ing at the Lu­ji­azui Fo­rum, Yi said the cen­tral bank has watched Shang­hai’s devel­op­ment to­ward be­com­ing an in­ter­na­tional fi­nan­cial cen­ter and would help the city in achiev­ing that tar­get.

The cen­tral bank will pro­mote the in­ter­nal­iza­tion of yuan by of­fer­ing sup­port to Shang­hai in its trial of in­no­va­tive prod­ucts for cross-border busi­ness and en­hanc­ing the cur­rency’s power in commodity pric­ing and set­tle­ment.

The reg­u­la­tor will steadily push for­ward the con­vert­ibil­ity of cap­i­tal ac­count and sup­port Shang­hai’s im­ple­men­ta­tion of for­eign ex­change re­forms.

Yi said the bank will help the city in build­ing a sound fi­nan­cial mar­ket with bet­ter ser­vices. Shang­hai, as a fi­nan­cial hub, has played an im­por­tant role in boost­ing China’s stock, bond and money mar­kets, Yi said, adding that the city en­joys great ad­van­tages in pro­vid­ing set­tle­ment, bank­ing card pay­ment and rat­ing agency ser­vices.

Yi Gang

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