China’s central bank and three other government departments have unveiled an ambitious plan to enhance Shanghai’s role in global finance, according to a report from Jinshi Data on April 21.
The People’s Bank of China, along with its partner agencies, released the “Action Plan for Further Enhancing Cross-border Financial Service Facilitation in the Shanghai International Financial Center,” which outlines steps to boost the city’s financial platforms in global resource allocation.
Among the key initiatives, the plan supports the Shanghai Gold Exchange in developing product authorization partnerships with overseas exchanges and increasing the use of RMB benchmark prices in international markets.
Notably, the action plan explores internationalizing specific product deliveries from the Shanghai Gold Exchange and establishing delivery warehouses outside China — a move that could significantly expand China’s influence in global precious metals markets.
The broader strategy aims to create a major functional platform for global financial resource allocation while encouraging international investors to participate more deeply in Chinese financial markets.
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