China's central bank governor, Pan Gongsheng, announced plans to pilot offshore RMB foreign exchange trading in the Shanghai Free Trade Zone. This initiative will involve six major banks, including ICBC and Bank of China, utilizing the China Foreign Exchange Trade System platform. Additionally, the central bank is exploring the establishment of a macroprudential tool to provide liquidity support to non-bank institutions during systemic market stress. AI
RANK_REASON Announcement of a new financial policy initiative by a central bank governor. [lever_c_demoted from significant: ic=1 ai=0.1]
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