PBOC Holds Symposium with Foreign Financial Institutions, Pledges to Advance High-Level Financial Opening-Up and RMB Internationalization

On September 21, the People's Bank of China (PBOC) held a symposium with foreign financial institutions to hear their opinions and suggestions and to study further improving the business environment and promoting the high-level opening-up of the financial sector. PBOC Governor Pan Gongsheng attended the meeting and delivered remarks. PBOC Deputy Governor Xuan Changneng chaired the session, while PBOC Deputy Governor Zou Lan and Deputy Administrators of the State Administration of Foreign Exchange (SAFE) Xu Zhibin and Li Bin were also in attendance.

At the symposium, Pan Gongsheng briefed attendees on China's current economic and financial situation and the implementation of monetary policy, listened to opinions and suggestions, and responded to issues of concern to the institutions. Pan said that China's economy is operating generally stable and improving, its structure is continuously optimizing, and high-quality development is making steady new progress. The PBOC will earnestly implement the decisions and arrangements of the CPC Central Committee and the State Council, carry out a moderately loose monetary policy, and foster a sound monetary and financial environment for stable economic growth and the steady operation of financial markets. It will continue to promote high-level financial opening-up, keep improving policy supply, steadily expand two-way opening of financial markets, continuously optimize cross-border payment services, and make international use of the RMB more convenient. The foreign financial institutions stated that this year the PBOC's series of measures in deepening financial reform and opening-up, improving the business environment, and facilitating international use of the RMB have achieved positive progress, and they expressed the hope that relevant policies will be further optimized and communication with the market strengthened.

Representatives of 15 foreign financial institutions attended the meeting and spoke, including Bank of America, JPMorgan Chase, HSBC, Standard Chartered, Deutsche Bank, DBS Bank, First Abu Dhabi Bank, Bank Mandiri, BNP Paribas, Morgan Stanley, Goldman Sachs, UBS Securities, Manulife Financial, Brookfield Asset Management, and a Canadian pension fund. Officials from relevant departments and affiliated units of the PBOC and SAFE also participated in the symposium.