Shanghai steps up support for offshore Rmb and Chinese firms abroad

Shanghai has been handed more tools, including the acceleration of offshore loans and digital trade, to aid offshore financial services in a boost to the city as a global financial hub; there is also cooperation with Hong Kong.

Shanghai lags behind Hong Kong as an international financial centre, however a slew of offshore financial services, to be implemented in Shanghai, will boost the city as a global financial hub. These offshore financial services will support the internationalisation of the renminbi and the overseas businesses of Chinese companies.

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