Shanghai Drives RMB Forex Futures Pilot and Derivatives Market Innovation Under 15th Five-Year Plan

The Shanghai Municipal People's Government Office has issued the Shanghai Service Industry Development 14th Five-Year Plan, which sets out a series of goals for strengthening the city's financial infrastructure and multi-tiered capital markets.

Key measures include expanding the global network coverage of the Cross-Border Interbank Payment System (CIPS), supporting the development of the interbank market transaction repository, and deepening the implementation of the stock issuance registration system reform with a robust delisting mechanism.

The plan also calls for deepening the market for Belt and Road bonds, Panda Bonds, and Magnolia Bonds, while driving product innovation in the futures and derivatives markets — including advancing the pilot program for RMB-denominated foreign exchange futures trading.

On the opening-up front, Shanghai will deepen the free trade zone's offshore trade financial services reform, strengthen competitiveness in international reinsurance and global asset management, and attract more foreign institutional investors to participate in China's onshore financial markets.