Jing'an, Shanghai: Support commercial banks in relying on infrastructure such as CIPS to provide convenient and efficient RMB cross-border settlement services.

Shanghai has issued the "Implementation Plan on Promoting the Construction of the Shanghai Free Trade Pilot Zone Jing'an Linkage Innovation Zone", supporting the expansion of domestic and foreign participants, innovative business products and services in the RMB cross-border payment system, and better playing the role of the CIPS system as the "main channel" for RMB cross-border payment clearing. Support commercial banks to provide convenient and efficient RMB cross-border settlement services relying on infrastructure such as CIPS. With the support of the free trade account system, support enterprises to handle cross-border trade settlement in both domestic and foreign currencies and domestic RMB settlement through this account, and support banks in establishing special channels for cross-border settlement facilitation. Support financial institutions to provide financial services based on RMB and RMB assets transactions for non-residents. Encourage banks to explore and optimize the authenticity verification methods of business, and provide high-quality financial services for offshore trade businesses that are authentic and compliant. Support banks in implementing optimization of foreign exchange business processes and system reconstruction, categorizing enterprises based on their foreign exchange compliance risk levels and providing differentiated and facilitative financial services.