The central bank: Carry out high-level opening-up pilot projects for cross-border trade and investment, steadily promote the convertibility of the Renminbi capital account.

The central bank released the first quarter of 2025 report on the implementation of China's monetary policy. It mentions accelerating the development of financial market systems and high-level opening to the outside world. Continuously enhancing the functionality of the bond market and its ability to serve the real economy. Innovatively launching a "technology board" in the bond market, supporting financial institutions, technology-based enterprises, and private equity investment institutions to issue technology innovation bonds. Perfecting the legal system of the bond market, promoting the construction of the corporate bond legal system. Accelerating the development of a multi-tiered bond market, continuing to promote the expansion and standardized development of the over-the-counter bond business. Establishing a linkage mechanism between market makers and primary dealers in public market operations, promoting the standardized development of underwriting, valuation, and market-making operations, enhancing the pricing function, activity, and stability of the bond market. Prudently and steadily advancing the internationalization of the renminbi, further expanding the use of the renminbi in cross-border trade and investment, deepening external currency cooperation, and developing the offshore renminbi market. Launching high-level opening-up pilot projects for cross-border trade and investment, enhancing the level of liberalization and facilitation of cross-border trade and investment, steadily promoting the convertibility of the renminbi capital account.