Central Bank: Support the promotion of innovative applications of digital renminbi to relevant pilot free trade zones.

[Central Bank: Support for the Promotion of Digital RMB Innovative Applications to Relevant Free Trade Pilot Zones] On July 4, Ji Min, head of the Research Bureau of the People's Bank of China, stated at the State Council's regular policy briefing that in the next step, the People's Bank will work with relevant departments and other financial regulatory bodies to continue supporting the deepening of the free trade pilot zones in aligning with international high-standard economic and trade rules and promoting higher-level institutional openness on the basis of effectively preventing risks. On one hand, further deepen financial openness and innovation in the Shanghai Free Trade Pilot Zone. Recently, eight supporting policies were announced at the Lujiazui Forum, including the development of offshore bonds for free trade, optimizing and upgrading the functions of free trade accounts, and launching pilot comprehensive reforms for offshore trade financial services. On the other hand, efforts should be intensified to replicate and promote the 'Shanghai experience,' supporting the promotion of measures such as innovative applications of digital RMB to relevant free trade pilot zones, and optimizing electronic payment services across the nation, exploring practical paths for the open and innovative development of China's financial sector, and accumulating more replicable and promotable experiences. (China Net)