Pan Gongsheng: Will Steadily Promote High-Level Opening-Up of the Financial Sector

How Will the Internationalization of the Renminbi Change the Global Financing Landscape?

On March 22, People’s Bank of China Governor Pan Gongsheng stated at the China Development Forum 2026 that we will steadily promote high-level opening-up of the financial sector. We will deepen financial market connectivity and cross-border payment systems to facilitate more investors in investing in China’s financial markets. China’s stock and bond markets are both the second largest in the world, with market depth, resilience, and liquidity continuously improving. By the end of 2025, overseas institutions and individuals will hold over 10 trillion yuan in Chinese stocks, bonds, deposits, and loans. We welcome foreign investors to participate in and invest in China’s financial markets. In recent years, the internationalization of the renminbi has made positive progress, providing more diversified currency options for domestic and foreign entities. Currently, the cost of renminbi financing is relatively low. By 2025, the issuance of panda bonds by governments, international development agencies, financial institutions, and large enterprises will exceed 170 billion yuan, with offshore renminbi bonds issued in Hong Kong being even larger. We will continue to improve the cross-border use system and financial infrastructure for the renminbi, carry out diversified monetary and financial cooperation, promote the development of the offshore renminbi market, and facilitate cross-border trade and investment activities.