PBoC Authorizes Six Banks to Conduct Offshore RMB FX Trading in Shanghai Free Trade Zone

According to Jin10, the People's Bank of China (PBoC) announced today (June 17) that it has authorized six major banks to conduct offshore renminbi (RMB) foreign exchange trading in the Shanghai Free Trade Zone. The authorized banks are Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and CITIC. They will operate through the China Foreign Exchange Trade System platform. The PBoC said it will assess the pilot program and continue to advance the development of the offshore RMB FX trading market.
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