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.
