Guangdong: Plans to expand the application scenarios of digital renminbi and promote the pilot expansion of cross-border payments using digital renminbi.

The "14th Five-Year Plan" for the development of China's Free Trade Pilot Zones is publicly soliciting opinions. It mentions plans to gradually expand financial openness. International financial institutions are encouraged to set up headquarters within the zones, promoting the development of cross-border finance, innovative finance, venture capital, wealth management, futures trading, asset management, specialty finance, offshore services, and other business formats. Projects such as international commercial banks in the Greater Bay Area and the Guangdong-Hong Kong-Macao Greater Bay Area Insurance Service Center should be expedited. Support for expanding the scale of bulk commodity trading is emphasized, promoting linkage between spot and futures trading of key varieties such as iron ore, crude oil, and rubber, thereby enhancing the pricing influence of bulk commodities. Efforts will be made to elevate and upgrade pilot programs for financial technology regulation and to expand the application scenarios for the digital renminbi. Support will also be provided for the development of offshore finance, green finance, and other innovative cross-border financial businesses, as well as for the expansion of pilot programs such as cross-border wealth management and digital renminbi cross-border payments. Financial institutions within the zones are encouraged to develop specialty products such as cross-border supply chain finance and intellectual property pledge financing, guiding market entities to create composite financial products. Deepening pilot projects for cross-border credit asset transfer and multi-currency integrated accounts will facilitate greater mutual recognition and connectivity of cross-border financial products.