Experiment in offshore financial business

Updated: 2012-02-27

Experiment in offshore financial business

Under the precondition of strict risk control, the commercial banks which have carried out offshore banking business are allowed to set up organizations in the Dongjiang Free Trade Port Zone to service the enterprises registered in the zone. The enterprises with the demand of offshore business are allowed to open offshore accounts. Commercial banks are supported for the financing.

China Merchants Bank, the largest player in the Chinese offshore business market, signed a framework agreement for strategic cooperation with the Dongjiang Free Trade Port Zone. The two sides will focus on building the Core Functional Zone in Tianjin Northern International Shipping Center and cooperate on financial center construction, offshore finance and financial leasing.

Dongjiang port will speed up the development of financial derivatives and promote renminbi settlement for cross-border trade.