Free trade account approved

The People's Bank of China Shanghai branch announced on Wednesday that seven Chinese banks were officially approved to set up free trade accounts for their clients, symbolizing a major step forward in financial reform within the China (Shanghai) Pilot Free Trade Zone (FTZ).

The seven banks include Bank of Shanghai, and Shanghai branches of Industrial and Commercial Bank of China, China Construction Bank, and China Merchants Bank.

The free trade account will allow individual investors and enterprises registered within the FTZ to have yuan-denominated capital settled in offshore market.