China Moving to Promote Financial Opening-Up: Central Bank Governor

A report from Xinhua on Mar. 12th, 2024:

The People’s Bank of China (PBOC) will move to promote financial opening-up at a high level, PBOC Governor Pan Gongsheng said recently.

The central bank will work with other financial regulators on the improvement of China’s policy environment, aiming to attract more foreign-funded financial institutions and long-term capital to do business in China, and it will support Chinese financial institutions to expand their business abroad, Pan said at a press conference held on the sidelines of the national legislature’s ongoing session.

The PBOC will attract more investment in China’s financial market, support quality Chinese enterprises in going public and issuing bonds overseas, and encourage China’s sovereign wealth funds, financial institutions and other businesses to invest overseas, he said.

The official pledged further efforts to facilitate cross-border trade, investment and financing, and promote the internationalization of the RMB.

The central bank stands firm in upholding Hong Kong’s status as an international financial center and supporting Shanghai in building itself into an international financial center and expanding its high-level financial opening-up, he said.

The PBOC will work to improve payment services and ensure financial security while deepening financial opening-up.