By end-August, China's central bank has given the green light for 34 financial institutions' separate accounting system, which is a prerequisite for launching free trade account services in Shanghai's free trade zone (FTZ), the Shanghai Securities News reported Wednesday citing data from Shanghai Office of China Banking Regulatory Commission (CBRC).
The number of free trade accounts totaled some 23,800 at the end of August, and assets under separate accounting system amounted 266.424 billion yuan, an 8.7 times increase compared with the beginning of this year.
Free trade accounts, launched last June in Shanghai FTZ, allow funds in the accounts to move freely between the FTZ and offshore.
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