Guangdong has put forward a package of measures to expand digital yuan application scenarios and enlarge cross-border payment pilots. The plan covers Cross-boundary Wealth Management Connect and digital yuan cross-border payments, according to a draft released for public consultation. The measures appear in the China (Guangdong) Pilot Free Trade Zone development plan for the 15th Five-Year Plan period (draft for comments), as reported by Jinshi. The draft calls for upgrading fintech regulatory pilots and broadening digital yuan use cases. It supports offshore finance, green finance and other cross-border financial innovation businesses. Financial institutions operating in the zone would be encouraged to develop cross-border supply chain finance and intellectual property pledge financing products, and market entities would be guided to create composite financial products. The document also sets out plans to deepen pilots for cross-border credit asset transfers and multi-currency integrated accounts, with the aim of achieving mutual recognition and interoperability for cross-border financial products on a larger scale. All the proposals are now open for public comment.
Digital yuan and cross-border finance in focus
Guangdong is preparing to give the digital yuan more room in the province's free trade zone, according to a draft plan opened for public consultation. Jinshi said the China (Guangdong) Pilot Free Trade Zone development plan for the 15th Five-Year Plan period (draft for comments) includes measures to expand digital yuan application scenarios and upgrade fintech regulatory pilots.
The plan supports offshore finance, green finance and other cross-border financial innovation, and calls for scaling up two pilot programs: Cross-boundary Wealth Management Connect and digital yuan cross-border payments. Financial institutions inside the zone would be encouraged to develop specialty products such as cross-border supply chain finance and intellectual property pledge financing, while market entities would be guided to launch composite financial products.
Guangdong also wants to go deeper on cross-border credit asset transfers and multi-currency integrated accounts. The stated goal is broader mutual recognition and interoperability of cross-border financial products across a larger scope.
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