China’s central bank has reiterated its commitment to further opening its financial sector and promoting the international use of the yuan, officials said following a meeting on Monday with representatives from major foreign financial institutions.
During the session, People’s Bank of China (PBOC) governor Pan Gongsheng pledged to advance “high-level financial opening-up” by gradually expanding two-way market access and improving cross-border payment services. The goal is to facilitate a broader adoption of the renminbi in global transactions, the central bank said in a statement.
The meeting brought together senior representatives from 15 prominent banks and investment firms, including Bank of America, JPMorgan Chase, HSBC, Standard Chartered, Deutsche Bank, BNP Paribas, Morgan Stanley, Goldman Sachs, UBS Securities, and the Canada Pension Plan Investment Board. These institutions expressed optimism about China’s efforts to refine regulatory policies and improve communication with international markets.
Acknowledging progress in China’s financial reform and business environment, the attendees recognized ongoing efforts to boost yuan’s global usage. Pan also emphasized the PBOC’s intention to maintain a “moderately loose monetary policy” to support stable economic growth and create a favorable financial environment.
The discussions came amid Beijing’s wider push to solidify its central banking system and accelerate yuan internationalisation. The PBOC recently released a rare five-year plan for 2026-2030, outlining ambitions to build a “financial powerhouse,” a concept introduced in 2023 under the leadership of President Xi Jinping. This initiative emphasizes the development of a strong central bank and a globally dominant currency among its six core pillars.
Earlier in September, the PBOC announced plans to enhance bilateral currency swap agreements and promote local-currency settlements, alongside improvements to the Cross-Border Interbank Payment System (CIPS), which aims to offer an alternative to Western-dominated settlement networks. The central bank also intends to expand the use of the digital yuan and QR code payments in cross-border transactions. Market access mechanisms such as Stock Connect, Bond Connect, and Swap Connect are slated for optimisation to further support these objectives.
Chinese authorities also reaffirmed their commitment to strengthening Hong Kong’s position as the leading offshore yuan hub while developing Shanghai as a global centre for yuan asset allocation and risk management.
In a separate engagement on Monday, Pan met with top Hong Kong finance officials, including Financial Secretary Paul Chan Mo-po and Hong Kong Monetary Authority chief executive Eddie Yue Wai-man. The discussions focused on enhancing Hong Kong’s status as an international financial centre, boosting cross-border market connectivity, and fortifying the city’s offshore yuan market, according to the PBOC.
These initiatives reflect China’s strategic drive to deepen financial reforms and elevate the yuan’s role in the global financial system amid ongoing economic shifts and geopolitical challenges.