Pan Gongsheng: Will continue to improve the institutional arrangements and financial infrastructure for the cross-border use of the Renminbi

MetaMuskRat · 2026-03-22T06:51:40+00:00

Pan Gongsheng stated at the 2026 China Development Forum that the internationalization of the RMB has made remarkable progress, with financing costs remaining low. More than 170 billion yuan worth of panda bonds have been issued by multiple countries, promoting the use of RMB in cross-border transactions and financial cooperation, thereby supporting the facilitation of trade and investment financing.

MetaMuskRat

2026-03-22 06:51:40

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People’s Financial News, March 22 — According to Pan Gongsheng, Governor of the People’s Bank of China, in his keynote speech at the 2026 China Development High-Level Forum, recent years have seen positive progress in the internationalization of the Renminbi, 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 institutional arrangements and financial infrastructure for cross-border Renminbi use. We will carry out diversified monetary and financial cooperation, promote the development of the offshore Renminbi market, and facilitate cross-border trade and investment activities.

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