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Qianhai projects ‘underway’

By Zhao Qian  (Global Times)

08:40, January 25, 2013

Rumors have surfaced recently that the Qianhai Bay economic zone in Shenzhen, Guangdong Province will announce Monday a list of the first batch of banks to participate in the cross-border renminbi loan business. But a spokesman for the economic zone declined to confirm the list with the Global Times Thursday, but said that there will be a signing ceremony that day.

"The financial management division of the economic zone is working on the cross-border renminbi loan business," Cao Hailei, a spokesman with Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, told the Global Times, but refused to release details on the progress.

A staff member from the zone's financial management division, surnamed Wang, told the Global Times on Thursday that there will be a ceremony organized by the Shenzhen local government and the economic zone on Monday, which will not be open to the media.

Wang did not confirm whether the ceremony will include an announcement of the first batch of participants in the cross-border renminbi loan business, but said that "the number and names of the first batch of banks are not that important."

"What's most important is that the new business in the zone will create more ways for renminbi to flow back to China," Wang said.

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