The Nanjing Branch of the People's Bank of China, the country's central bank, has recently unveiled a circular over cross-border RMB business in order to boost the development of the China (Jiangsu) Pilot Free Trade Zone (JSFTZ).

The JSFTZ is one of six such pilot zones designated by the State Council in last August in a strategic move to press ahead with reform and opening up in the new era. The JSFTZ consists of three areas - the Nanjing Area, the Suzhou Area and the Lianyungang Area.

The latest regulation supports the JSFTZ to launch a new round of innovation in cross-border RMB business. The measures aim to further facilitate the use of cross-border RMB income, improve the RMB loans provided by domestic banks for overseas projects, allow domestic banks to offer cross-border RMB financing services for overseas enterprises, allow banks in the JSFTZ to offer cross-border RMB financing services for overseas banks, and support enterprises and banks in offering comprehensive cross-border financial service solution.

The Nanjing Brach of the People's Bank of China will boost support for the JSFTZ, promote financial services to assist the real economy, and further open the province's financial sector to reach a new height.

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