Shanghai Free Trade Account Upgrade Pilot: Cross-Border Payments Surpass 133 Billion Yuan, Renminbi Settlement Accounts for 83%
The People's Bank of China Shanghai Headquarters disclosed results of FT account functional upgrade: total cross-border payments exceed 133 billion yuan, with renminbi settlement ratio reaching 83%, indicating strengthened market confidence in renminbi-denominated settlement.
Pilot Data
The latest disclosure from the People's Bank of China Shanghai Headquarters shows that the cross-border receipts and payments under the Shanghai Free Trade Account (FT Account) functional upgrade pilot have exceeded 133 billion yuan, with renminbi settlement accounting for 83%.
Functional Upgrade
This upgrade optimizes multi-currency conversion, fund pool aggregation, and cross-border financing, further facilitating the cross-border use of renminbi for enterprises in the zone and overseas institutions. The pilot scenarios cover trade, investment, and financial transactions.
Market Impact
The high proportion of renminbi in FT accounts indicates strengthened market confidence in renminbi-denominated settlement. For the cross-border payment industry, the rising renminbi settlement ratio will increase demand for multi-currency clearing and settlement, compliance screening, and liquidity management, and will provide data references for regulators to improve cross-border payment infrastructure.
Provenance & status
- Byline
- OceanAlt Editorial
- First published
- 2026-07-30
- Last updated
- 2026-08-01
- Content type
- Newsflash
- Source material
- View original ↗
