China central bank plans offshore finance development in Shanghai

BEIJING: China’s central bank has announced an action plan for developing its offshore finance sector based out of Shanghai, with targets to set up rules by the end of next year.

Shanghai will study the feasibility of setting up offshore banks and form a mature legal framework to support the sector by the end of 2030, the People’s Bank of China said in a statement.

The plan includes carrying out pilot programmes, developing offshore yuan transactions through foreign exchange trading and expanding the use of digital yuan.