Shanghai Free Trade Account Upgrade Pilot Program Sees Strong Start in First Month

On the 29th, it was learned from the Shanghai headquarters of the People's Bank of China that after the official launch of the upgraded pilot for the Free Trade Account in the Shanghai Free Trade Zone, it achieved a successful start in the first month, with the first batch of transactions successfully completed. Shi Jiandong, Deputy Director of the Macro Prudential Management Department of the Shanghai Headquarters of the People's Bank of China, stated at a press conference for the first quarter of 2026 that on December 5, 2025, the pilot for upgrading the Free Trade Account in Shanghai was launched. This is the most important reform of the Shanghai Free Trade Account since its launch in May 2014. After the launch of this upgrade pilot, up to now, a total of 11 banks and 29 companies have participated in the pilot program, with a total cross-border fund payment scale of nearly 50 billion RMB.