China’s capital account creaks open further in FTZ

Companies and financial institutions operating in Shanghai’s free-trade zone now have unfettered access to raising funds offshore. There will no longer be a need to obtain pre-approval to raise renminbi or foreign currency with the People’s Bank of China, Zhang Xin, head of the central bank’s Shanghai branch is quoted saying at a press conference. The funds raised can be used for operations, project construction in the zone and overseas, according to a statement posted on the PBOC Shanghai branch’s website on February 12.