China is planning to build a financial centre in its western region by 2025, the central bank said on Friday, in a bid to support economic growth in the Chengdu-Chongqing area.
In an inter-agency document outlining the plans, the People’s Bank of China said the government will study and set up a mechanism of capital exchanges with Singapore and Japan, and carry out bilateral investment and financing projects.
Futures Exchanges to Slash Fees
Meanwhile, in related news, China’s financial futures exchange said on Friday it will halve settlement fees for stock index futures and bond futures trading in 2022.
The China Financial Futures Exchange said it was responding to calls from the central government, and the move will effectively reduce investors’ trading costs.
• Reuters with additional editing by Jim Pollard
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