An action plan from the PBOC and other agencies supports development of offshore RMB trading and authorizes qualified commercial banks to conduct offshore RMB foreign-exchange trading in the Shanghai Free Trade Zone. It instructs the foreign-exchange trading center to strengthen offshore FX service capacity, promote direct RMB trading against non-US currencies, and use its platform to aggregate global foreign-currency pairs and foreign-currency market liquidity to enhance international capital a

An action plan from the PBOC and other agencies supports development of offshore RMB trading and authorizes qualified commercial banks to conduct offshore RMB foreign-exchange trading in the Shanghai Free Trade Zone. It instructs the foreign-exchange trading center to strengthen offshore FX service capacity, promote direct RMB trading against non-US currencies, and use its platform to aggregate global foreign-currency pairs and foreign-currency market liquidity to enhance international capital allocation. The plan calls for complementary policy and talent-support mechanisms to safeguard the trading center’s offshore FX business development.