Shanghai's offshore finance pilot advances, with multiple "first deals" implemented.

Shanghai's banking sector continues to expand its cross-border financial business, with new progress in areas such as offshore financial innovation, facilitation of cross-border settlement, and global fund management for multinational corporations. On October 13, the Shanghai Banking Association held a press briefing themed "Cross-Border Finance Empowering High-Level Opening-Up and Helping Elevate the Capability of Shanghai as an International Financial Center." Seven banksBank of China Shanghai Branch, Export-Import Bank of China Shanghai Branch, Agricultural Bank of China Shanghai Branch, China CITIC Bank Shanghai Branch, Shanghai Pudong Development Bank Shanghai Branch, Standard Chartered China, and Citibank Chinapresented updates on their cross-border financial business development.