People's Bank of China: Support for Innovation and Promotion of Digital RMB in Relevant Pilot Free Trade Zones

According to Jinshi data, Ji Min, head of the Research Bureau of the People's Bank of China, stated on July 4 at a State Council policy briefing that the People's Bank will continue to support the deepening integration of pilot free trade zones with international high-standard economic and trade rules and promote higher-level institutional opening, while effectively preventing risks. In the Shanghai pilot free trade zone, further financial opening and innovation are being pursued, with recent announcements of eight supportive policies including the development of offshore trade in the free trade zone, optimization and upgrading of the functions of free trade accounts, and the launch of a comprehensive reform pilot for offshore trade financial services. Efforts will also be made to replicate and promote the 'Shanghai experience' and support the promotion of measures such as the innovative application of digital RMB in relevant pilot free trade zones, as well as the nationwide promotion of optimized electronic payment services. This aims to explore practical paths for open and innovative development in China's financial sector and accumulate more replicable and promotable experiences.

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