The Shanghai branch of People’s Bank of China has said it will allow more foreigners to open “overseas free-trade accounts,” a move it said will attract more international talent to innovative companies, Caixin reports. The measure, effective Wednesday, is the first time China has allowed foreign employees at technology firms in Shanghai to have access to cross-border financial services by opening a free-trade account at local commercial lenders. The account allows foreigners to make cross-border mortgage payments, buy health insurance and purchase wealth-management products. Previously, as a practical matter, foreigners needed both a local and foreign bank account. Free-trade accounts were available only to foreigners working for companies within the free trade zone, an area of more than 120 square km consisting of four different regions in this city.
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