China announces International Center for Digital RMB and Financial Measures Package in Shanghai
China Central Bank President Pan Gongsheng announced on Wednesday the creation of an international operating center for the Digital RMB. The measure, revealed during the Lujiazui Forum in Shanghai, seeks to boost the internationalization of Chinese digital currency and foster innovation in digital finance. The initiative is part of a package with eight strategic measures aimed at strengthening Shanghai as a global financial center. Among them are the creation of a interbank market transaction repository, the launch of a personal credit report agency and a pilot program for offshore trade financing reform in the Lin-Gang special area. The package also foresees the issuance of free trade offshore securities, improving the accounting system for transfronist operations, the use of monetary policy structural tools and the stimulus to negotiation of RMB exchange rate futures. The measures aim to expand financing channels and reinforce Shanghai’s position in the international financial ...