Pan Gongsheng: Steadily carry out international financial cooperation, actively participate in international financial governance.

Pan Gongsheng, Governor of the People's Bank of China, stated at the economic theme press conference of the Fourth Session of the Fourteenth National People's Congress that since 2025, the People's Bank of China has actively promoted the high-level opening of the financial industry, coordinated openness and security, and actively participated in global financial governance, achieving positive progress. First, the level of financial openness continues to increase. The People's Bank of China, together with financial regulatory authorities, has improved the system of national treatment plus negative list for foreign investment access in the financial field. Deepening the connectivity of financial markets and cross-border payment systems, facilitating more investors to invest in the Chinese financial market. By the end of 2025, overseas institutions and individuals held over 10 trillion yuan of RMB financial assets in China. In 2025, governments of multiple countries, international development institutions, financial institutions, and large enterprises issued Panda bonds totaling over 170 billion yuan, with the stock of Panda bonds increasing by 34% year-on-year. Second, orderly promote the internationalization of the Renminbi, providing a more diversified currency choice for domestic and foreign entities. By comparable measures, the Renminbi has become the largest settlement currency for China's foreign balance of payments, the second largest trade finance currency globally, the third largest payment currency globally, and ranks third in the IMF's Special Drawing Rights currency basket, providing convenience for cross-border trade and investment activities, and also helping to reduce exchange rate risks and exchange costs. Third, steadily advance international financial cooperation and actively participate in international financial governance. The People's Bank of China strengthens communication and exchange with the financial regulatory authorities of major economies, leads in the establishment of the China-Europe, China-UK, and China-Canada financial working groups, and establishes an annual meeting mechanism for central bank governors between China and Europe. At the same time, it opens up new avenues for financial cooperation with global southern countries, strengthens practical cooperation in the financial sector with Brazil, Indonesia, the UAE, Egypt, South Africa, and other countries. It supports the opening of the IMF Shanghai Center, promotes macroeconomic policy exchange and coordination among countries in the Asia-Pacific region.