PBoC to allow Hainan greater yuan convertibility rights as part of package to promote financial liberalization in the province

The Hainan FTP is a pet project of Xi Jinping, who is reported to have personally designed, arranged, and promoted it and called on the government to support “daring reforms and innovation.” As a result, the project is as much a political task as an economic one and all ministries and agencies are compiling action plans related to the areas under their jurisdiction …