Shenzhen Plans to Develop Qianhai into a Yuan Settlement Center

Shenzhen plans to develop Qianhai into a yuan settlement centerBecause of its proximity to Hong Kong, Shenzhen has plans to develop Qianhai, in Nanshan into a cross border Yuan settlement center. The center will help promote the city’s financial services into an international level.

China Merchants Bank president, Ma Weihua along with several well known leaders from the mainland and Hong Kong gave suggestions that concern the city’s future development to top Shenzhen leaders. Ma said that creating a shortcut will help elevate Shenzhen’s financial service and further deepen its cooperation with Hong Kong.

The Central Government is supportive of Hong Kong becoming an offshore yuan center to help internationalize the Chinese currency. Shenzhen should grab the opportunity to seek support from authorities to help transform Qianhai into a cross border yuan settlement center that will serve as an offshore center for Hong Kong.

Qianhai is a 15 square kilometer coastal area in Shekou. The area won the State Council approval to have its own independent planning power that will transform them into a world class modern service industry zone.

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