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PBOC Shanghai opens office in Lin-gang Special Area

en.lgxc.gov.cn| Updated: Nov 18, 2021 L M S

The People's Bank of China, or PBOC, set up a leaders group office in the Lin-gang Special Area in Shanghai on Nov 16, with the aim of promoting the area's financial openness and innovative development.

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The PBOC Leaders Group Office to serve Lin-gang Special Area is unveiled on Nov 16. [Photo/WeChat account: shlgguanweihui]

Meanwhile, the Lin-gang Special Area Administration signed a cooperation agreement on cross-border capital flow data and information exchange with the Shanghai Branch of the State Administration of Foreign Exchange, as well as signing an agreement with the banks covering green finance.

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The Lin-gang Special Area Administration and the Shanghai Branch of the State Administration of Foreign Exchange ink the cooperation agreement. [Photo/WeChat account: shlgguanweihui]

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The Lin-gang Special Area Administration signs an agreement with the banks. [Photo/WeChat account: shlgguanweihui]

Since Lin-gang was established in August 2019, cross-border finance and science and technology finance in the area have achieved rapid and interconnected development. Many "firsts", such as the cross-border transfer of domestic trade financing assets, cross-border capital pool integrating domestic and foreign currencies, and Qualified Foreign Limited Partner pilot projects, have been implemented in Lin-gang.

In the first three quarters of this year, Lin-gang Special Area's balance of payments totaled $55 billion, up 147 percent from the same period last year.

Cooperation between the Lin-gang Special Area Administration, PBOC Shanghai Headquarters, and banks in Lin-gang will accelerate the development of financial innovation in the area with multi-body coordination and vigorous promotion through central-local coordination and government-bank cooperation.

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