Ruili, a major border crossing city between China and Myanmar, is expected to be named as a new pilot free trade zone, the China Securities Journal reported Wednesday, citing people with knowledge of the matter. The free trade zone will be an international hub for modern service industries, including tourism, education, and exhibition, it said. Authorities will ease controls on foreign exchange, promote local currency settlement and boost offshore financial services, among other initiatives, to support the free trade zone. The report also noted that a financial reform plan for border areas in Guangxi and Yunnan was released recently by the government to promote border trade.
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