Central Bank: Steadily Promote High-Level Financial Opening Up

The People’s Bank of China announced that it has successfully completed the 2025 “Two Sessions” proposal handling work with high quality, including the orderly advancement of high-level financial openness. By 2025, representatives and committee members will have proposed a series of policy suggestions related to expanding high-level financial openness, promoting the internationalization of the Renminbi, and deepening international financial cooperation, based on their practical experience.

Deepen institutional opening-up in the financial sector. Improve connectivity between domestic and foreign markets, facilitate more investors to invest in China’s financial markets, support the construction of Shanghai as an international financial center, and strengthen and enhance Hong Kong’s status as an international financial center.

Improve policies for cross-border use of the Renminbi. Use currency swap arrangements, clearing banks, financial markets, and other channels to provide Renminbi funds of different maturities, creating a better environment for domestic and foreign entities to hold and use Renminbi, steadily advancing the internationalization of the Renminbi.

Actively participate in international financial governance and cooperation. Continue to deepen cooperation with international organizations such as the International Monetary Fund and multilateral development banks, and actively participate in global macroeconomic policy coordination and the formulation of international financial regulatory rules.

Continue to promote reforms of the international monetary system. Push forward with reforms of the IMF quota, enhancing the voice and representation of developing economies.