Shanghai: Utilize financial resources well and facilitate cross-border investment and financing.

On September 8th, it was announced at the Shanghai theme interview briefing of the "Vibrant China Research Tour" that Shanghai's total foreign exchange revenue increased from 3.31 trillion US dollars in 2021 to 4.94 trillion US dollars in 2024, with an average annual growth rate of 14%. In the first seven months of this year, it reached 3.26 trillion US dollars. Shanghai is using various financial resources to promote currency conversion along the industrial chain at each link. Su Yun, Deputy Director of the Shanghai Headquarters of the People's Bank of China, explained that not only in the production process but also in the service process after the delivery of large equipment, Renminbi must be used for settlement to avoid exchange losses. To address this issue, Shanghai is promoting currency conversion at each link and continuously increasing the scale of cross-border Renminbi usage in key areas, key enterprises, and key regions. The Shanghai Headquarters of the People's Bank of China is also responsible for the entry work of foreign institutions into China's interbank bond market. As of July this year, 1171 foreign institutions have entered the interbank bond market with a total bond balance of 3.93 trillion yuan. By continuously enriching the types of agency services, the current trading settlement scale is steadily increasing.