The People's Bank of China (PBOC) has rolled out eight financial liberalization initiatives in Shanghai, notably the comprehensive pilot reform of offshore trade financial services in the Lingang New Area and the enhancement of free trade account functionalities, both of which have yielded substantial outcomes. Through the establishment of offshore trade franchising enterprises and leveraging the "electronic fence" capability of free trade accounts, the Lingang pilot has markedly enhanced the efficiency of cross-border settlements. As of July 18, 22 transactions have been successfully concluded, amounting to a total cross-border revenue and expenditure of 648 million yuan. Furthermore, the upgrade of free trade account functionalities has introduced a fund management system characterized by heightened access criteria, tiered prudential regulation, and unrestricted first-tier payments and receipts. A draft for public consultation on relevant implementation measures has also been released. Looking ahead, PBOC Shanghai Headquarters intends to further deepen pilot operations, explore application scenarios for the digital RMB, and refine the upgrade plan for free trade account functionalities.