SHANGHAI: China will deepen currency administration reform and advance liberalization and facilitation of cross-border trade and investment, said Pan Gongsheng, vice-governor of the People’s Bank of China, on Thursday.
Pan, who is also the head of the State Administration of Foreign Exchange, made the remarks at the 13th Lujiazui Forum which opened in Shanghai on Thursday.
The country will strengthen the facilitation of cross-border trade under the current account and regularly encourage high-level opening of the capital account, Pan said.
China will diversify its products as well as domestic and foreign participants in the foreign exchange market and promote the reform of cross-border private equity funds, he said.
More efforts will be made to facilitate cross-border business financing and support cross-border payments of new business models such as offshore trade and cross-border e-commerce, Pan added.
“In the near future, we will pilot a high-level opening of foreign exchange management in the Lingang region, a new section of the pilot Shanghai Free Trade Zone, the Guangdong-Hong Kong-Macao Great Bay region. and the Hainan Free Trade Zone. port, ”said Pan.
The exploitation of China’s foreign exchange reserves follows the market principle and promotes the stability and development of the international financial market, Pan said, adding that the country’s foreign exchange holdings would take sustainable investment as a long-term goal.