Shanghai Free Trade Zone Gold Reform Has Been A Big Step In RMB Free Convertibility.

< p > < strong > > a href= "//www.sjfzxm.com/news/index_cj.asp" > Free Trade Zone < /a > linkage with Shanghai < /strong > /p >

< < p > "business implementation rules" is clear that the financial institutions in the Shanghai area can provide financial services for the main body of the free trade account in the main body of the free trade account, including the current account, the direct investment and the 30 parts of the central bank's third opinions on investment and financing innovation, and the related financial services provided by overseas institutions according to the principle of national treatment before admission.

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< p > "all financial institutions in Shanghai can establish free trade account system in accordance with their requirements, not limited to the financial institutions in the free trade area, which fully reflects the linkage between the free trade area and the Shanghai international financial center."

Zhang Xin, deputy director of the central bank's Shanghai headquarters and President of the Shanghai branch, said Zhang.

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< p > < strong > > a href= "//www.sjfzxm.com/news/index_cj.asp" > offshore financing < /a > domestic repayment < /strong > /p >

< p > for the market, the most anticipated thing is how to accelerate the pace of convertibility under the capital account under the FTA accounting system. What can enterprises do and share what < a href= "//www.sjfzxm.com/news/index_cj.asp" > dividends < /a > < /p >

< p > "the current arrangement is to freely convert the funds in the free-trade account to the realized convertible business, including current account and direct investment related business.

For the 30 opinions of the central bank, the contents of the convertibility of all kinds of capital accounts involved in the third part of the investment and financing innovation business are temporarily not in the current free trade account, and the relevant departments shall formulate specific implementation measures according to the principle of "maturity and introduction".

Zhang Xin said.

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< p > in accordance with the rules, the free trade account of the same non-financial institution and its general account can handle RMB capital pfer through four channels: regular business; repayment of RMB loans issued by Shanghai banking financial institutions with their own names for more than 6 months (excluding); repayment of loan funds must be directly incorporated into the account of the same name opened in the lending bank; new investment, acquisition and investment, capital increase and other industrial investment; other cross-border pactions stipulated by the Shanghai people's Bank of China.

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< p > Wang Xinhao, governor of Pudong Development Bank, Shanghai branch of the free trade area, seems to be a "big gift" for the enterprises in the area, which means that the low cost capital that enterprises can melt abroad can be used to return domestic loans, and the financing cost of enterprises will be greatly reduced.

Reporters learned that the current Hongkong market RMB loan interest rate is about 4%-5%, while the domestic loan interest rate in the same period is generally above 6%.

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