SHANGHAI — In a bold push to reform the world’s second-largest economy and open it to cross-border business, China will allow unfettered exchange of its RMB currency in the country’s first free trade zone, according to a draft plan AFP previewed Thursday.
The Free Trade Zone is expected to be launched Sept. 27 in Shanghai, as a move to make the city a leading international financial center, according to China Daily. Financial reforms are expected to be deepened as the Free Trade Zone revs up activity. Both interest rates and the exchange rate are expected to become more flexible.
[rebelmouse-image 27087356 alt="""" original_size="2048x1331" expand=1]
Shanghai's skyscrapers - Photo: Wikimedia Commons