“In a six-page report that included 30 detailed instructions, the People’s Bank of China said yesterday it would allow residents of the zone – seen as a test bed for liberalising the financial sector – to set up ‘resident free trade accounts’ in both domestic and foreign currencies, and would allow yuan to be fully convertible under those accounts ‘when the time is ripe’. The 29 sq km zone, the first of its kind on the mainland, was set up two months ago and the guidelines suggest it will offer benefits that Beijing has been reluctant to offer other pilot areas. For example, ‘qualified’ individual investors will be able to make various foreign investments, including trading overseas securities.”
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