Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone (FTZ) launched the pilot cross-border transfer of domestic trade financing assets.

The move aims to help Lin-gang New Area play a leading role of financial reform and innovation and the pioneering role of financial opening-up, the Shanghai head office of the People's Bank of China said in an online statement.

All commercial banks in Shanghai may carry out the cross-border transfer of domestic trade financing assets in the Lin-gang Special Area.

The pilot policy is expected to help domestic banks further revitalize resources, optimize the structure of assets and liabilities and improve management efficiency, it said.

It can help further enrich the cross-border two-way circulation channels of RMB, meet the demand of overseas institutions for the allocation of high-quality financial assets in China, and further enhance the value and attractiveness of RMB assets as global asset allocation, the statement said.

Lin-gang Special Area was officially launched as a newly added part of the China (Shanghai) Pilot FTZ in August 2019.