PBOC Authorizes Six Major Banks to Launch Offshore RMB FX Trading in Shanghai

According to CCTV News, at the 2026 Lujiazui Forum, the People's Bank of China announced it will authorize six major banks—Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and CITIC—to conduct offshore RMB foreign exchange trading in Shanghai's free trade zone using the China Foreign Exchange Trade System platform. The move aims to advance two-way opening of the FX market and facilitate integration of onshore and offshore markets.
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