Overseas banks aim to tap free trade accounts

HSBC China and Nanyang Commercial Bank China have become the First Banks to open free trade accounts for clients in the Shanghai free trade zone.

The FT account is a special financial institution account introduced by the People's Bank of China in May to separate cross-border transactions done in the Shanghai FTZ from those onshore.

HSBC China has signed agreements with more than 30 pharmaceutical, energy, and automobile companies.

Banks are required to connect their FT account systems with the Central Bank, which can then monitor all transactions as required under risk management rules.

13 domestic banks and the Shanghai Gold Exchange have received approvals to conduct FT account services.

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