PBOC: Support Shanghai in advancing the development of offshore finance on a trial basis.

Today, the 2026 Lujiazui Forum is being held in Shanghai. Reporters learned from the forum that Shanghai gathers global financial elements and resources, and as the unique advantage of an international financial center continues to emerge, it will support the development of offshore finance in Shanghai, accelerate the construction of the Renminbi asset global allocation center and risk management center, enhance the level of convenience in cross-border trade and investment, further enrich and improve the product system including credit, insurance, bonds, and other products including marine insurance, and promote new breakthroughs and improvements in the construction of the Shanghai International Financial Center. Pan Gongsheng, Governor of the People's Bank of China: The pilot program for offshore Renminbi foreign exchange transactions will be launched in the Shanghai Free Trade Zone. In order to promote the two-way opening of the foreign exchange market, facilitate the integration of the onshore and offshore markets, and assist Shanghai in building the Renminbi asset global allocation center and risk management center. We will authorize six banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and CITIC Bank to conduct offshore Renminbi foreign exchange transactions in the Shanghai Free Trade Zone using the China Foreign Exchange Trading Center platform. In the future, based on the pilot situation, we will further promote the development of the offshore Renminbi foreign exchange market.