Attendees of the forum on RMB internationalization pose for a photo. The forum was held in Shanghai on Nov 6, following the opening of the 2nd China International Import Expo (CIIE) on Nov 5. [Photo/chinanews.com.cn]

A forum on RMB internationalization and promoting the development of free trade zones (FTZ) was held in Shanghai on Nov 6 following the opening of the 2nd China International Import Expo (CIIE) on Nov 5.

The forum was sponsored by the People's Bank of China and the Bank of China with support from the China Economic Information Service (CEIS) affiliated with Xinhua News Agency.

More than 600 distinguished guests from the People's Bank of China, the Ministry of Commerce, and the Shanghai Municipal Government, financial regulators, and foreign exhibitors attended the forum.

Chen Yulu, vice-president of the People's Bank of China, said that the internationalization of the RMB is a natural process driven by markets.

It has a solid foundation for internationalizing the RMB, which is expected to play a larger role in the development of FTZs, said Chen during the forum.

Wang Bingnan, deputy minister of the Ministry of Commerce, said that internationalizing the RMB is essential to the development of financial trade in China.

Shanghai has pioneered the internationalization of the RMB, said Wu Qing, vice-mayor of Shanghai.

Since 2009, the city has launched a series of efforts to promote the internationalization of the RMB by enabling such practices as direct investment in RMB. 

Wang Xiquan, chief supervisor of the Bank of China, said that the Bank of China would keep up with innovations in financial services and promote cross-border use of the RMB. 

In the following parallel forums, heated discussions took place between economists, senior executives, and regulation experts.