Going forward, we will continue to support Shanghai’s efforts to optimize the multi-channel opening-up while taking active steps to expand the opening-up of onshore markets in line with market demand and promoting prosperity and development of both onshore and offshore markets. Third, more work should be done to make Shanghai a place where financial institutions concentrate, particularly wealth management and asset management institutions.
Similar sentiments about the level of the exchange rate being “unjustified and unsustainable” were expressed in the 24 July OCR review. The September MPS noted that the economy appears to be responding to the policy measures taken by the Bank over the past year and that it would be prudent to undertake a period of monitoring and assessment before considering further policy adjustment.