The Shanghai branch of the State Administration of Foreign Exchange on Friday clarified details of new measures regarding the conduct of foreign exchange businesses in the China (Shanghai) Pilot Free Trade Zone, a move to further loosen capital controls and boost trade and financial services.

New measures introduced by the administration included loosening management over credit and debt, removal of cross-border guarantee approval requirements and raising the foreign currency loan caps of enterprises within the zone.

Zhang Xin, head of the administration's Shanghai branch, said the new measures will significantly improve the efficiency of capital use and ease fundraising for enterprises within the FTZ.