Yi Gang, head of the People's Bank of China. [Photo/pdtimes.com.cn]

"The People's Bank of China (PBOC) will offer full support to help Shanghai implement key tasks required by the CPC Central Committee," said Yi Gang, head of PBOC, at the 11th Lujiazui Forum on June 13.

According to Yi, the PBOC will support the establishment of an integrated account system for local and foreign currencies in the new section of the China (Shanghai) Pilot Free Trade Zone, as well as establish a more convenient cross-border capital management system. 

It will also continue to optimize the interbank currency market and bond market, widen the range of foreign currency options, expand the number of market entities, as well as issue the Silk Road Bond (SRB).

The bank also encourages the cooperation between the Shanghai Gold Exchange and Chicago Mercantile Exchange (CME), vowing to launch derivatives based on the Shanghai Gold Benchmark Price on the CME.

In addition, the PBOC will support the establishment of Shanghai offices of international finance organizations, the establishment of subsidiaries by foreign financial institutions in Shanghai, the setting-up of a trans-regional financial cooperation platform to enhance financial interconnection, as well as promote urban integration for the financial businesses among Yangtze River Delta areas.

The support also covers the construction of a Shanghai sci-tech innovation center, the development of a G60 science and innovation corridor, the application of Shanghai's finance opening-up polices in the G60 science and innovation corridor, the optimization of finance services for sci-tech innovation companies, the popularization of bills of receivable accounts in Yangtze River Delta region. 

The PBOC will also support the pilot abolition of the upper limit of the ratio for foreign shareholding in securities companies and fund management companies, as well as the expansion of the scope of operation of foreign-invested finance institutes. 

It will give full support to the development of the science and technology innovation board, while also improving the functions improvement of the Shanghai headquarters of PBOC.

The 11th Lujiazui Forum is held on June 13-14 in Shanghai. [Photo/chinanews.com]