China to Facilitate Capital Account Settlement in Beijing, Yi Gang Says
Du Chuan
/SOURCE : yicai
China to Facilitate Capital Account Settlement in Beijing, Yi Gang Says

(Yicai Global) May 30 -- China's central bank and other financial institutes will focus on bringing in policies to facilitate capital account settlement in Beijing after promoting the nation's financial opening since last year, according to Yi Gang, governor of the People's Bank of China.

The PBOC has set up pilot policies to facilitate capital account settlement and foreign debts in Zhongguancun to help improve business conditions in the capital, he said today. Beijing was China's first city to achieve unified registration and inequity of movable property guarantees, which makes it easier for private firms to get credit, Yi added.

The central bank has lowered restrictions on credit rating services backed by foreign companies, offered a level playing field for foreign investment credit agencies and made China's bond-market accessible both ways, Yicai Global discovered at the Annual Conference of Financial Street Forum. 

Beijing's Financial Street -- home to some of the country's top regulators in the sector -- will become more of a financial administration center for China, according to Yi. The street is in Xicheng district and also houses headquarters of several major financial institutes, controlling 95 percent of the country's credit funds and 47.6 percent of its financial assets.

"We will pilot foreign exchange and investment policies on the street to lure in more global players, help foreign companies expand and work with global partners," Yi said. 

Editors: Dou Shicong, James Boynton

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Keywords: PBOC , Beijing Financial Street , Yi Gang