PBoC Governor Pan says to allow overseas institutions to access yuan liquidity and will add overnight reverse repo instruments at the appropriate time, adds to increase overnight reverse repo operations

Says:

• Six banks are authorised to conduct offshore foreign exchange transactions in Shanghai Free Trade Zone.
• Difficult and unnecessary for China's credit growth to maintain its previous pace.
• Will improve the efficiency of interest rate transmission.
• To develop the wealth management market.
• To enrich the macro prudential policy toolbox.
• Will severely crackdown on insider trading and financial fraud.
• Will steadily promote panda bond market.