China announces new financial policies in southern province of Hainan By Reuters


BEIJING/SHANGHAI (Reuters) – China’s financial regulators announced a slew of measures on Friday to further open up financial services in the southern province of Hainan, including enhancing yuan convertibility and allowing market access to foreign investors.

The measures also include further facilitation of Hainan residents’ personal forex use, and allowing qualified non-bank financial institutions to participate in the interbank foreign exchange market, the People’s Bank of China said in a joint statement with other financial regulators.

Regulators will also support the establishment of joint-venture banks in Hainan and allow companies in the province to issue yuan-denominated products overseas, including bonds, according to the statement.

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