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Shanghai: Cross-border yuan business exceeded 330 bln yuan

(People's Daily)

16:02, February 27, 2012

Edited and translated by People's Daily Online

The pace of opening up of financial sectors in Shanghai has accelerated, and the cross-border yuan business in Shanghai has increased significantly.

In 2011, the volume of cross-border yuan business settlement in Shanghai exceeded 330 billion yuan, accounting for about 16 percent of China’s total volume.

There is an obvious increase in overseas entities that opened yuan accounts in Shanghai. By the end of 2011, more than 100 overseas participating banks have opened 700 trade current accounts, ranking No.1 in China. Nearly 800 yuan bank settlement accounts were opened by foreign institutions in Shanghai, enabling Shanghai's cross-border yuan settlement business to reach out to the world.

By the end of 2011, more than 40 overseas commercial financial institutions had entered Shanghai inter-bank market. QFII was authorized to participate in the stock index futures hedging transactions. Preparatory work for overseas yuan investment and loans proceeded smoothly. The fund management company was established, and it completed the first phase of fund raising.

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