Pan Gongsheng: The Renminbi has become the largest settlement currency for China's foreign trade, one of the top three trade financing currencies globally, and a major payment currency.

Governor of the People's Bank of China, Pan Gongsheng, stated at a press conference today that financial opening up is an important part of China's overall reform and opening up efforts. During the "14th Five-Year Plan" period, the People's Bank of China has made the following progress in accordance with the central government's decisions and arrangements: First, deepening institutional opening up in the financial sector steadily. Expanding financial market connectivity, optimizing the Shanghai-Hong Kong Stock Connect, Bond Connect, and Swap Connect mechanisms, making it easier for more investors to invest in China's financial markets and increasing the internationalization level of the financial markets. Second, the international status of the Renminbi is steadily rising. Currently, the Renminbi has become the largest settlement currency for China's foreign trade, one of the top three global trade financing currencies, and payment currencies; and ranks third in the IMF's Special Drawing Rights currency basket. The steady rise in the international status of the Renminbi is an important feature of the international monetary system reform in the past twenty years. Third, the construction of an international financial center is steadily advancing. Supporting Shanghai to become a global Renminbi asset allocation center and risk management center. Continuously deepening financial cooperation between the mainland and Hong Kong, strengthening Hong Kong's offshore Renminbi business hub function, and consolidating and enhancing Hong Kong's position as an international financial center. Fourth, a more friendly and inclusive business environment. Coordinating the reform of cross-border Renminbi and foreign exchange management, significantly improving the facilitation level of cross-border trade and investment. Continuously improving cross-border payment services. Basically establishing a diversified cross-border payment system, including the Renminbi cross-border payment system, commercial bank's internal cross-border systems, cross-border retail payment systems constructed by China UnionPay, Alipay, WeChat Pay, and the developing role of digital Renminbi in cross-border payments, which also has great potential in the future. Optimizing the management of cross-border financial data flows. Fifth, enhancing the capabilities of financial risk prevention and control under the opening up framework. Strengthening the monitoring, assessment, and early warning of cross-border financial risks. Promoting the construction of a more just and reasonable global financial governance framework, advancing global macroeconomic policy coordination, and building global and regional financial safety nets.