Shanghai gets policy boost to promote international renminbi use

BEIJING (China Daily/ANN): Chinese monetary authorities will support Shanghai to take a lead in the free use of renminbi and explore free capital inflow and outflow and free currency exchange in Shanghai's Lingang Special Area, a central bank official said on Tuesday (July 21).

China will continue to support building Shanghai into an international financial center, with a focus on further improving the financial market, product, institutional and financial infrastructure systems to boost the allocation of global financial resources, said Wang Xin, director of research at the People's Bank of China.