PBOC vows to support Shanghai's development

Yi Gang, governor of the People’s Bank of China, yesterday said the central bank will support Shanghai as it opens up and reforms the financial sector.

Speaking at the Lujiazui Forum, Yi said the central bank has watched Shanghai’s development toward becoming an international financial center and would help the city in achieving that target.

The central bank will promote the internalization of yuan by offering support to Shanghai in its trial of innovative products for cross-border business and enhancing the currency’s power in commodity pricing and settlement.

The regulator will steadily push forward the convertibility of capital account and support Shanghai’s implementation of foreign exchange reforms.

Yi said the bank will help the city in building a sound financial market with better services. Shanghai, as a financial hub, has played an important role in boosting China’s stock, bond and money markets, Yi said, adding that the city enjoys great advantages in providing settlement, banking card payment and rating agency services.