Shanghai will accelerate opening up in financial services to build an international financial center by 2020 and serve the Belt and Road Initiative, authorities told the Lujiazui Forum. Zhou Xiaochuan, Governor of the People’s Bank of China (PBOC), said the Cross-border Interbank Payment System will soon be launched in Shanghai to help internationalization of the yuan. The system provides clearing and payment services for financial institutions in the cross-border and offshore yuan business, and the first phase started in 2015 to mainly deal with trade, direct investment and financing businesses. The second phase is expected to adopt a more comprehensive clearing method to lift operational efficiency. Governor Zhou said further opening up is necessary to clean up irregularities and enhance the competitiveness of local institutions. Shanghai Mayor Ying Yong said the city will actively drive internationalization of the yuan, implement financial reforms in the free trade zone (FTZ), accelerate building an internationally oriented financial system, build a global yuan services system, and steadily drive trials for yuan convertibility under the capital account. “The next few years is the sprint stage in Shanghai’s construction of an international financial center,” Shanghai Mayor Ying Yong said. Added-value from the financial services industry contributed 17% to Shanghai’s GDP last year, making it a pillar industry for the city’s economy.