The People’s Bank of China is working with other government departments to create a system for cross-border flow of financial data, aiming to help foreign financial institutions reduce data compliance costs and facilitate their business in China, said Zhou Yu, head of the PBOC International Department at a press conference on Wednesday.

The new arrangement will clarify the catalog of important data in the financial field and unify regulatory compliance standards, so to give foreign firms clearer rules and guidance, said Zhou when briefing progresses made by the first meeting of the China-EU Financial Working Group on Tuesday.

Zhou also noted the newly released payment guidelines for foreigners in China, which can help them solve mobile payment difficulties, should be provided to more foreigners before coming to China.