China's central bank will take further steps to facilitate cross-border financial services for multinational companies, according to a senior official at the national financial authority on Monday.
At a press conference in Beijing, Wang Xin, head of the Research Bureau of the People's Bank of China (PBOC), announced that the bank will work to improve cross-border settlement efficiency and support national-level financial pilot projects, including fintech innovations for capital markets.
Additionally, as part of its efforts, the PBOC will strengthen ties with international financial organizations and institutions, attracting more overseas insurance companies, sovereign wealth funds, pension funds, environmental, social, and governance (ESG) funds, and other entities to provide investment, financing, and technical services for green projects, according to Wang.
"The PBOC will enhance financial support for coordinated regional development. For example, a New International Land-Sea Trade Corridor Fund will be established in Chongqing to help set up a financial services center for the corridor in the municipality. The digital RMB pilot initiative will also be launched in Chongqing under the China-Singapore Strategic Connectivity Demonstration Project. Additionally, a collaboration mechanism for credit information sharing will be established with Singaporean financial institutions, along with a cross-border credit reporting platform," said Wang.
China's central bank to strengthen support for cross-border financial services
