No.390475
Dropping a massive whitepill for you bloomerbros
>China's central bank will support Shanghai to pilot the free exchange of renminbi (RMB) and explore the free flow of capital to facilitate cross-border trade and investment, an official said Tuesday at a press conference introducing Shanghai's further opening up.
>The People's Bank of China (PBOC) will back up Shanghai's trial in the free use of RMB, further facilitate the free flow of enterprises' trade and investment funds, and explore the free flow and free convertibility of capital in its Lingang Special Area, said Wang Xin, director-general of the PBOC's Research Bureau.
>"The PBOC measures to facilitate trade and investment are bound to optimize the business environment in the Lingang Special Area," said Liu Chunsheng, associate professor at the Central University of Finance and Economics in China. (LOL imagine believing this shit)
>Shanghai will deepen its financial opening up to develop RMB offshore transactions, cross-border trade settlement and overseas financing services, and increase the two-way opening of the market, said Chen Yin, Shanghai's executive vice mayor.
>To meet the increasing global demand for RMB assets, China has been promoting the high-level opening up of its financial sector, including the bond market, stock market, foreign exchange market, commodity futures market and financial derivatives market.
>The country has also removed restrictions on the proportion of foreign shares held in banks, securities, funds, futures and personal insurance.
>It has cancelled restrictions on the access of foreign capital to areas such as corporate credit management, rating and payment.