China to support offshore RMB market development in ASEAN region

BEIJING (Xinhua) – China will support countries in the Association of Southeast Asian Nations (ASEAN) to set up offshore renminbi markets as part of a string of measures to facilitate cross-border financial innovation.

ASEAN insurers are welcome to set up branches and do business in Guangxi Zhuang Autonomous Region, which is expected to become a financial cooperation gateway to the region in about five years, according to a plan released last Friday by the country’s central bank and other 12 departments.

Guangxi adjoins the ASEAN region and has close cultural and commercial ties with the association’s members.

The plan encourages banks in Guangxi to expand law-abiding business in ASEAN markets, and qualified overseas strategic investors to partner with Guangxi financial institutions in equity.

Support will be offered to build a bilateral spot commodity trading centre and a logistics centre, as well as a financial information database.

The government will roll out policies to help attract more financial professionals into Guangxi, the plan said.

An employee counting CNY100 banknotes at a bank in Lianyungang in eastern China’s Jiangsu province. – AFP