Abstract
Among a series of new regulations in the zone, financial reform is undoubtedly the most anticipated. According to the Framework Plan for the China (Shanghai) Pilot Free Trade Zone, it will “pilot RMB capital account convertibility, interest rate liberalization, and the cross-border use of RMB under proper risk control”, “and explore the trial of a foreign exchange administrative system that is in line with international practices”. This means financial innovation will follow international standards, while in line with international regulations, rules and practices.
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