In a candid interview, People’s Bank of China Governor Pan Gongsheng has signaled China’s unwavering drive to elevate the RMB on the world stage. Speaking to China Media Group, Pan detailed how the PBOC will methodically expand RMB internationalization alongside domestic economic stabilization efforts through 2026.
Key initiatives include enhancing global financial governance reforms and international cooperation. The bank plans to foster greater openness in financial industries and markets, constructing an advanced RMB cross-border payment network that’s multi-faceted, broad-reaching, safe, and efficient.
‘Strengthening cross-border payment cooperation is essential,’ Pan noted. China will engage proactively in international financial frameworks, champion developing economies’ interests, build robust regulations for openness, and fiercely protect national financial sovereignty.
Central to this vision is PBOC’s commitment to dual stability—currency and finance. The bank’s monetary policy system and macro-prudential tools serve as foundational pillars for achieving these aims and forging a financially robust nation.
Pan elaborated on crafting a sophisticated monetary policy that adeptly manages short- and long-term goals, growth promotion, risk mitigation, and the interplay of internal and external influences. As global tensions rise, these strategies position China as a stabilizing force in international finance.