MNI BRIEF: Shanghai To Boost Futures Products In Yuan Hub Bid
Shanghai is aiming to boost its status as a yuan hub, the PBOC says.
Shanghai will further open up its financial markets and introduce more products including futures and options for foreign investors in a bit to build up a global hub for the yuan-denominated asset allocation, said Jin Penghui, head of Shanghai branch of People’s Bank of China, during the National People’s Congress.
Shanghai will strive to create a pricing system for bonds, stocks, gold, oil, and provide more assets for international investors to trade and hedge risks, and the city will become a hub for settlement and risk management of yuan-denominated products, said Jin, noting China will enhance influence in the formulation of international standards and rules on green, digital, science and technology finance.
In addition, Shanghai will strengthen risk monitoring of cross-border capital flow and further optimize payment of foreign visitors in China, he said. (See MNI INTERVIEW: Wider Yuan Use Needs More Assets, Offshore HubsHubs)