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.


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.


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]


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.