SHANGHAI — China opened a new type of free-trade zone here on Sunday in a bid to test financial changes that the government said could eventually spread to other parts of the country.
The new zone, which has the backing of the State Council, the Chinese cabinet, was first announced last July. It is expected to allow banks and other businesses within its boundaries to experiment in areas that are tightly controlled in China, including loosening regulation of interest rates and full convertibility of nation’s currency, the renminbi.
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David Barboza, The New York Times via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/anYTsPS42Ig/
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