The People’s Bank of China, the National Development and Reform Commission, the National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the Shanghai Municipal People’s Government have issued the Action Plan for Developing Offshore Finance at the Shanghai International Financial Center.
According to the plan cited in the notice, the authorities will rely on the digital RMB international operation center to build and operate digital RMB infrastructure for cross-border, offshore, and blockchain-related use under the premise of safety and controllability.
The document also states that China will steadily promote interconnection with overseas financial infrastructure and steadily support the application of the digital RMB in offshore business, as well as the expansion of related use scenarios. The measures are part of the offshore finance action plan for Shanghai’s international financial center development.