Shanghai's "11th Five-Year Plan" suggestion: accelerate the construction of the Renminbi asset global allocation center and risk management center.

The Shanghai Municipal Committee of the Communist Party of China has issued recommendations on formulating the 15th Five-Year Plan for the National Economy and Social Development of Shanghai. It proposes to accelerate the construction of the global allocation center and risk management center for RMB assets. Expand cross-border and offshore financial services functions, deepen cross-border investment and financing facilitation, enrich exchange rate hedging tools, optimize offshore account systems, promote the development of offshore credit, and free trade offshore bonds, improve laws, regulations, and business rules systems, and create an offshore financial function zone. Deepen the interconnection of domestic and foreign financial markets, actively promote the establishment of Shanghai International Financial Asset Trading Platform, explore the pilot trading of RMB foreign exchange futures. Support financial institutions in expanding their global service networks, enrich the variety of financial products denominated in RMB, and promote the internationalization of RMB. Enhance international reinsurance underwriting capabilities and service levels. Strengthen financial supervision, accelerate the construction of financial risk monitoring and early warning systems, use technologies such as blockchain and big data to enhance financial risk identification and management, improve the resilience and security reliability of financial infrastructure, strengthen financial risk response and disposal, and ensure the stable operation of the financial system. Deepen the coordinated development of the Shanghai-Hong Kong International Financial Center. Continuously organize the Lujiazui Forum.