November 23, 2016 / 11:20 AM / 3 years ago

UPDATE 1-China FTZ to expand net money inflows - PBOC Shanghai branch

(Adds comment from Chinese premier)

SHANGHAI, Nov 23 (Reuters) - Shanghai will strive to expand net money inflows through the municipality’s free trade zone (FTZ) accounts, the Shanghai headquarters of China’s central bank said on Wednesday.

China will continue to open up its economy and will not change policies on attracting foreign investment, Premier Li Keqiang said on a visit to the Shanghai FTZ this week, according to state media.

Li also called for greater efforts to improve the business environment for foreign companies in China.

The Shanghai FTZ will allow private equity funds and projects in the Shanghai FTZ to raise capital in the zone and overseas to meet demand for cross-border investments, the Shanghai branch of the People’s Bank of China said in a document distributed at a news conference.

Multinational firms will be allowed to set up onshore cross-border yuan capital pools using Shanghai FTZ accounts to manage yuan holdings globally, it added. (Reporting by Samuel Shen, Winni Zhou and John Ruwitch; Editing by Kim Coghill)

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