China will develop a pilot zone in Qianhai, part of Shenzhen to strengthen ties with Hong Kong and experiment currency convertibility.
China is seeking to create a financial service hub, which will host financial and services companies.
Zhang Xiaoqiang, deputy minister in charge of the National Development and Reform Commission, said China will liberalize cross-border loans denominated in yuan.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.