The daily trading volume of offshore yuan in the Shanghai Free Trade Zone has surpassed 12 billion dollars. The People's Bank of China last month allowed six major state-owned banks, including Bank of China and China Construction Bank, to conduct offshore yuan trading in the Shanghai FTZ, aiming to strengthen the link between onshore and offshore yuan markets. According to the China Foreign Exchange Trade System, in addition to the six state-owned banks, more than 30 FTZ entities and over 20 overseas institutions have joined this new scheme. Serena Zhou, senior China strategist at Mizuho Securities, said this is another step towards closer integration of the onshore and offshore yuan markets.
China Construction Bank CoPBOC allowed China Construction Bank to conduct offshore yuan trading in Shanghai FTZ, expanding its business scope.
Bank of China LimitedPBOC allowed Bank of China to conduct offshore yuan trading in Shanghai FTZ, expanding its business scope.