At the 2018 Lujiazui Forum, Yi said Shanghai can take the lead in realizing the financial reform goal as an international financial hub with unique advantages. Shanghai is still the focus of global development for many foreign-funded banks, securities firms, insurance companies and investment institutions.
The People’s Bank of China will support Shanghai in piloting cross-border RMB businesses and products, promoting internationalization of the renminbi along market-driven principles, said Yi.
The PBOC will also support Shanghai to steadily advance capital account convertibility, further strengthen the financial market and financial services, and lead financial technological development, he added.
Besides, the PBOC will continue to support Shanghai’s efforts to serve the real economy and facilitate trade and investment, helping build the city into a global financial and market center, according to Yi.