Asia's financial turmoil will not alter China's policies to open up its financial sector and the People's Bank of China (PBOC), the nation's central Bank, will continue to allow more eligible foreign banks to run RMB business on a trial basis, said Wu Xiaoling, head of the PBOC Shanghai Branch at the China 99' Business Summit which ended recently in Shanghai.

Wu emphasized that China has been persistently implementing safe finance-opening policies in a proper sequence, adapting the opening speed to domestic economic growth level and taking into account financial supervision abilities.

Qualified foreign banks will be authorized to experiment with RMB deals in an increasing number of areas in China, Wu added, saying that Shanghai is slated to turn into an international financial center.

Wu urged more effort to tighten financial supervision by drawing up a series of guidelines and to create a good environment for foreign banks by providing them with training and other services involved in the Chinese currency business.