PAN Gongsheng: China to Steadily Promote High-Level Financial Opening

Odaily Planet Daily report: On March 22, at the 2026 China Development Forum, People’s Bank of China Governor Pan Gongsheng stated that China will steadily advance high-level openness in the financial sector, deepen connectivity between financial markets and cross-border integration of payment systems, and facilitate greater participation by global investors in China’s financial markets. China’s stock and bond markets are both the second largest in the world, with continuous improvements in market depth, resilience, and liquidity. By the end of 2025, overseas institutions and individuals held over RMB 1 trillion in RMB-denominated financial assets in China, including stocks, bonds, deposits, and loans. China welcomes overseas investors to participate in and invest in its financial markets. In recent years, the internationalization of the RMB has made positive progress, offering domestic and international participants more diversified currency options. Currently, RMB financing costs remain relatively low. In 2025, governments, international development institutions, financial institutions, and large corporations from multiple countries issued over RMB 170 billion in Panda Bonds, while offshore RMB bond issuance in Hong Kong was even larger. China will continue to improve institutional arrangements and financial infrastructure for cross-border RMB usage. It will also promote diversified monetary and financial cooperation to support the development of offshore RMB markets and facilitate cross-border trade and investment activities. (People’s Bank of China)