PBOC's Pan said the central bank will pilot offshore renminbi FX trading in the
Shanghai Free Trade Zone, authorizing six banks — ICBC, Agricultural Bank of
China, Bank of China, China Construction Bank, Bank of Communications and CITIC
— to use the China Foreign Exchange Trading System (CFETS) platform in the
Shanghai FTZ for offshore RMB FX transactions. The PBOC said it will consider
further measures to develop the offshore RMB FX market based on the pilot's
results.
