The Central Bank of China: Increase the efforts to replicate and promote the "Shanghai experience," supporting the innovative application of digital Renminbi and its promotion to relevant free trade pilot zones.

According to the Gate News bot, China News Service reported that on July 4, Ji Min, head of the Research Bureau of the People’s Bank of China, stated at a regular press briefing by the State Council that moving forward, the People’s Bank will work with relevant departments and other financial regulatory authorities to continue supporting the free trade pilot zones in deepening their alignment with international high-standard economic and trade rules and promoting a higher level of institutional openness, while effectively preventing risks.

On one hand, further deepen financial opening and innovation in the Shanghai Free Trade Pilot Zone. Recently, at the Lujiazui Forum, eight supporting policies were announced, including the development of offshore bonds for the free trade zone, optimizing and upgrading the functions of free trade accounts, and conducting pilot reforms for comprehensive offshore trade financial services. On the other hand, efforts should be intensified to replicate and promote the “Shanghai experience”, supporting the promotion of innovative applications of the digital renminbi to relevant free trade pilot zones, and expanding measures to optimize electronic payment services nationwide, exploring practical paths for the open and innovative development of the financial sector in our country and accumulating more replicable and promotable experiences.