China launches free-trade trial zone in Shanghai

China's State Council unveiled the blueprint for a free-trade zone in Shanghai last Friday, a move that will lead to long-overdue economic reform on the mainland.  Yet the announcement lacked clarity, and some industry participants remain sceptical about many of the mooted reforms, notably interest-rate liberalisation.  Under the free-trade zone, ideally interest rates will be determined by the market. There will also be full renminbi convertibility, and the possibility that foreign…