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Saturday, January 12, 2019, 18:07
China to back ASEAN nations to set up offshore RMB market
By Xinhua
Saturday, January 12, 2019, 18:07 By Xinhua

This Nov 2, 2017 aerial photo shows Shuiche village in Beihai city, south China's Guangxi Zhuang Autonomous Region. China says ASEAN insurers are welcome to set up branches and do business in Guangxi Zhuang Autonomous Region. (ZHANG AILIN / XINHUA)

BEIJING – China will support countries in the Association of Southeast Asian Nations (ASEAN) to set up offshore renminbi markets as part of a string of measures to facilitate cross-border financial innovation.

ASEAN insurers are welcome to set up branches and do business in Guangxi Zhuang Autonomous Region, which is expected to become a financial cooperation gateway to the region in about five years, according to a plan released Friday by the country's central bank – People's Bank of China (PBOC) – and other 12 departments.

READ MORE: RMB's role swells in overseas commerce

Guangxi adjoins the ASEAN region and has close cultural and commercial ties with the association's members.

The plan encourages banks in Guangxi to expand law-abiding business in ASEAN markets, and qualified overseas strategic investors to partner with Guangxi financial institutions in equity.

Support will be offered to build a bilateral spot commodity trading center and a logistics center, as well as a financial information database.

ALSO READ: China-ASEAN trade set to soar

The government will roll out policies to help attract more financial professionals into Guangxi, the plan said.

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