At present, the important task of the construction of Shanghai International Financial Center is to actively carry out various tasks, support and improve the financial market system of RMB funds, foreign exchange, bonds, stocks, commodity futures, financial futures, gold and property rights, and enhance the market service function. Among them, foreign exchange market, as an important bridge and medium of international financial center, its development and activity will have a far-reaching impact on the construction of financial center. To this end, on the one hand, we should fully develop the foreign exchange market. We should speed up the development of comprehensive, independent and open foreign exchange trading in China on the basis of the existing good electronic market trading platform, and improve the efficiency of foreign exchange trading by extending trading hours, improving trading methods, gradually reducing transaction costs, and promoting the development and upgrading of trading platforms and clearing systems to meet the needs of expanding trading subjects, enriching trading varieties and increasing trading volume, and in the process, promote the improvement of the pricing and trading mechanism of foreign exchange derivatives. On the other hand, we should speed up the development of the domestic foreign exchange interbank lending market. Foreign exchange interbank lending will not lead to direct exchange of local and foreign currencies, and will have little impact on the domestic money supply. Expand the scope of participants in the lending market, introduce more qualified institutions, promote the development of the foreign exchange interbank lending market, and increase the trading volume of foreign exchange funds in Shanghai International Financial Center.

(2) Promoting the innovation of financial instruments and products to meet the development needs of market players.

Shanghai actively encourages financial institutions to innovate in financial products, financial services, trading systems, management methods and technology applications. With the deepening of interest rate marketization and the reform of exchange rate formation mechanism, it is necessary to further study and increase the innovation of foreign exchange products. First of all, we should promote the development of foreign exchange derivatives. Combined with the characteristics of many banking institutions and enterprises in Shanghai, under the premise of controllable risks, according to the actual needs of banks and enterprises, we can deeply study and launch corresponding foreign exchange derivatives in time to promote the formation of a multi-level foreign exchange derivatives market system. Second, pay close attention to and track the impact of the reform of RMB exchange rate formation mechanism on the operation of banks and enterprises, vigorously support financial institutions to launch exchange rate risk management products that meet market demand, and provide enterprises with more and better exchange rate hedging tools. Third, while encouraging the innovation of foreign exchange products, we should strengthen the monitoring and early warning of the foreign exchange market to ensure its smooth operation.

(3) Improve the structure of investors and accelerate the cultivation of market players.

Shanghai is striving to gather and develop specialized financial institutions with strong market competitiveness and distinctive service characteristics, and vigorously support the development of financial asset management institutions and various public and private investment funds in Shanghai. From the perspective of improving the investor structure, we should also play the role of multinational companies and non-residents as market players. First, we should promote the regional headquarters of multinational corporations to settle in Shanghai. Fully understand the important role of regional headquarters, give full play to Shanghai's advantages of being close to the market and convenient for decision-making, improve government efficiency, create a good policy environment for the fund management of regional headquarters of multinational companies, strive to reduce the business costs of foreign-invested enterprises, attract regional headquarters to settle in Shanghai, and help enterprises optimize their internal fund management functions. Second, with the promotion of capital account convertibility, non-residents are gradually attracted to participate in various financial activities in an orderly manner. At present, the offshore financial business of foreign banks should be defined as soon as possible, and the management measures applicable to Chinese and foreign banks should be formulated to solve the problems that foreign banks have not had corresponding management regulations for many years and the policies and treatment of Chinese and foreign banks are inconsistent.

Deepen financial reform and realize the complete cycle of capital flow.

First, we should promote the growth of capital flow by expanding the flow of the real economy. Give full play to Shanghai's geographical advantages, strive to create a good foreign exchange supervision environment, promote the development of international trade, promote the rapid development of international settlement, trade credit, structured trade financing, hedging and other financial services on the basis of increasing trade flow, and seek the largest share and optimal income from the increment of financial services required for capital flow. Second, it is necessary to enhance Shanghai's internal and external capital radiation function. Adhere to reform and innovation, constantly improve the level of foreign exchange management and service, and promote Shanghai to become the main financing place for domestic enterprises, the domestic fund management center of Chinese-funded enterprise groups, and the capital export place for enterprises to "go global". We will continue to attract foreign-funded multinational companies to set up capital management headquarters in Shanghai, and constantly expand the existing functions of centralized capital management. Actively promote the development of QDII system, support banks, securities and fund companies, insurance companies and other financial institutions to develop overseas wealth management services on behalf of customers, expand overseas financial investment, and continuously broaden the channels for capital outflow. Continue to promote the implementation of QFII system and encourage medium and long-term investors to enter the domestic capital market. Support the local corporate operation of foreign banks and improve the management of foreign exchange funds and working capital in the process of bank restructuring.

(5) Opening up the financial industry to the outside world and promoting regional cooperation and development.

On the one hand, it is necessary to deepen the agglomeration and radiation functions of international financial centers with the help of the linkage of the Yangtze River Delta region. Strengthen the economic relevance between the radiation of Shanghai International Financial Center and other areas in the Yangtze River Delta, take win-win cooperation as the purpose, take interests as the link, plan the development of the Yangtze River Delta from a higher level, and truly realize the linkage of financial cooperation in the Yangtze River Delta from the institutional arrangement. Specifically, it is necessary to support enterprises to open current account foreign exchange accounts and write off foreign exchange receipts and payments in different places according to their own business and cross-regional business development needs; Support the regional headquarters of Chinese-funded enterprise groups and foreign-funded multinational corporations to centrally handle the verification procedures of import and export receipts and payments for member enterprises in the Yangtze River Delta region; Promote the rapid development of service trade in the Yangtze River Delta by vigorously improving the foreign exchange management of service trade; Support enterprises to apply for opening foreign exchange fund accounts in different places according to actual business needs, and strengthen the cooperation between foreign-invested enterprises' capital verification and foreign exchange registration; Improve the settlement service of foreign currency funds in the Yangtze River Delta region and improve the quality of financial services. On the other hand, make full use of the location advantages of Shanghai Special Economic Zone and play its role as a reform experimental field. It is necessary to combine the functional integration of special economic zones with the reform and innovation of foreign exchange management to provide a platform and carrier for realizing the demand and supply of related financial services; Give full play to the function of Yangshan Bonded Port, actively try first, use a lot of trade-related funds to operate, and combine the construction of Shanghai International Shipping Center, International Trade Center and International Financial Center to achieve benign interaction.

(VI) Innovating financial supervision methods and optimizing the financial environment.

First, in view of the new situations and problems in the process of financial center construction, learn from the successful experience of other international financial centers, study and formulate new regulatory measures, and reduce the vacuum points and weak points of supervision while improving management methods and realizing convenience, paying special attention to the problems of large-scale foreign exchange receipts and payments, complex structure, fast capital flow and cross-border capital. Second, it is necessary to improve the cooperation between various regulatory authorities, achieve in-depth cooperation to give full play to the overall advantages and form a joint force of the group. Strengthen cooperation with customs, foreign trade, taxation and other departments, and study and implement the transformation of foreign trade growth mode and the adjustment of foreign capital utilization policy. Strengthen the linkage with financial supervision departments such as securities, banking and insurance, and further standardize the supervision of foreign exchange receipts and payments of financial institutions. Strengthen cooperation with public security departments and crack down on illegal foreign exchange transactions. Third, strengthen information construction. On the basis of existing business systems, strengthen the integration and optimization of system information resources, and explore the construction of an efficient and unified public data platform for foreign exchange business. At the same time, it is necessary to improve the statistical monitoring and early warning system of international payments, track and analyze the abnormal situation of cross-border capital flows in time, and strengthen the effective supervision of cross-border short-term capital flows, especially speculative capital.