PBOC Backs Shanghai's Sci-Tech Board to Build Global Top Financial Hub
Xu Wei
/SOURCE : yicai
PBOC Backs Shanghai's Sci-Tech Board to Build Global Top Financial Hub

(Yicai Global) June 13 --  China's central bank will fully support the construction of the Science and Technology Innovation Board in Shanghai, among other policies that aim to construct the city into an international financial center,  according to its governor. 

The People's Bank of China will promote a cancellation of limits on foreign ownership in equity and fund management companies in Shanghai, Governor Yi Gang said at the Lujiazui Forum today. The bank will help international financial organizations open offices in Shanghai, Yi added.

Shanghai's sci-tech board was opened today and it strives to lower the threshold for Chinese tech firms to get listed.

The PBOC will support the  Shanghai Gold Exchange to work with the Chicago Mercantile Exchange and release derivatives based on Shanghai Gold Benchmark onto the CEM. 

The central bank will  support the establishment of a unified foreign currency clearing system  in

the Shanghai Pilot Free Trade Zone to ease cross-border capital management. It will continue to improve the interbank foreign exchange and bond markets and enrich the types of forex options. PBOC will also support Silk Road-themed bonds.

The central bank will help the Yangtze Delta region build a cross-regional financial cooperative platform in the region to strengthen financial infrastructure and connectivity. It will support the Shanghai Commercial Paper Exchange to promote its business and pilot the Discount Connect, a unified platform for corporate bill discounting.

The Shanghai international financial center must be based on yuan-denominated assets, Yi said.  China will build Shanghai into a center of yuan asset allocation, risk management and fintech, he concluded. 

Editor: Emmi Laine 

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Keywords: PBOC , Yi Gang , Shanghai