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  Recently, China’s State Council, the government’s ruling body, approved a free-trade zone in Shanghai as a testing ground for liberalizing cross-border financial transactions and currency flows. The move followed the establishment late last year of a pilot program in Qianhai, near the border with Hong Kong, which is aimed at offering freer currency movements across the border. Still, detailed rules on exactly how both programs work must be hammered out, and some Chinese officials think what the country needs is a broader plan for financial liberalization. “It’s hard to carry out financial reforms only through those pilot programs,” a senior financial official says. “It has to be planned on a national scale.”