PBOC: Increase efforts to replicate and promote the "Shanghai experience", support the innovation and application of digital renminbi, and promote it in relevant free trade zones.

Ji Min, head of the Research Bureau of the People's Bank of China, stated at a State Council policy briefing on July 4 that the People's Bank of China will continue to work with relevant departments and other financial regulatory authorities to support the deepening of the connection with international high-standard economic and trade rules in the free trade pilot zones and promote a higher level of institutional opening-up while effectively preventing risks. On the one hand, Shanghai Free Trade Pilot Zone will further deepen financial openness and innovation. Recently, eight support policies were announced at the Lujiazui Forum, including the development of free trade offshore bonds, optimization and upgrading of free trade account functions, and the launch of comprehensive reform pilot of offshore trade financial services. On the other hand, efforts will be made to increase the replication and promotion of the "Shanghai experience" and support the promotion of innovative applications of digital currency and other measures to related free trade pilot zones, promote the optimization of electronic payment services and other measures nationwide, explore practical paths for the open and innovative development of China's financial sector, and accumulate more replicable and promotable experiences.