上海自贸区自由贸易账户功能升级试点，首月实现“开门红”

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters held a press conference on January 29, 2026, to discuss the financial operations in Shanghai for 2025, highlighting the successful launch of the upgraded Free Trade Account function in the Shanghai Free Trade Zone on December 5, 2025 [1] Group 1: Pilot Program Overview - The pilot program has seen participation from 11 banks and 29 enterprises, with a total cross-border fund settlement scale of nearly 50 billion yuan [1] - The pilot has achieved significant results, meeting expected goals and demonstrating five key characteristics [1] Group 2: Key Characteristics of the Pilot - Convenient Settlement: The pilot follows the principle of "opening up at the front line, controlling at the second line," significantly enhancing the level of cross-border trade and investment liberalization, widely recognized by participating enterprises as a major initiative for Shanghai's cross-border financial institutional opening [1] - Stable Operation: Pilot banks adopt a "mature one, develop one" approach to select quality enterprises, cautiously promoting business development, leading to a stable differentiation in market operations [1] - Diverse Business Scope: The pilot's business coverage continues to expand, encompassing general trade, processing trade, offshore trade, service trade, cross-border financing, and overseas lending [1] - Controllable Risks: The pilot effectively balances openness and risk prevention, with total transaction volumes within expected ranges and overall risks being manageable [1] - Dominance of Local Currency: In the businesses conducted through upgraded accounts, the proportion of cross-border transactions in renminbi reached 97%, aligning with policies aimed at expanding the use of the renminbi in cross-border transactions [1]