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China to advance yuan convertibility in FTZ

The Chinese government will boost the convertibility of the yuan under its capital account in the pilot Shanghai free trade zone. The move comes as the government steps up financial reform.

At its weekly meeting chaired by Premier Li Keqiang, the State Council said it will come up with more ways to reinvest offshore yuan holdings on the Chinese mainland market. The State Council also says it will launch a pilot program to allow qualified Chinese investors to invest overseas from Shanghai. The new policy will also allow overseas investors to invest in any A-share listed companies.

“The convenience of trade and investment will be greatly enhanced, and the capability of enterprises to distribute their resources globally will also be strengthened. For consumers and ordinary residents, I think they will have more investment opportunities,” Wang Xinkui, director of Counsellors Office of Shanghai Government, said.