China is set to further deepen its high-standard financial opening up with a commitment to market-oriented, law-based, and internationalized principles, People's Bank of China (PBOC) Governor Pan Gongsheng said Friday.
The scale of foreign participation in China's financial markets has reached historic milestones, according to Pan, who spoke at a press conference on the sidelines of the fourth session of the 14th National People's Congress (NPC).
"The level of financial opening up continues to rise. By the end of last year, the total value of domestic RMB-denominated financial assets -- including stocks, bonds, deposits, and loans -- held by overseas institutions and individuals exceeded 10 trillion yuan. In 2025 alone, various governments, international development agencies, financial institutions, and large enterprises issued over 170 billion yuan in Panda bonds. The outstanding amount of Panda bonds has increased by 34 percent year on year," said the central bank governor.
Beyond asset holdings, the Renminbi's role as a global currency has been further solidified. It is now not only a preferred choice for China's own external transactions but also a vital component of the global financial architecture, according to Pan.
"Calculated on a comparable basis, the RMB has become the largest settlement currency for China's external receipts and payments. Globally, it ranks as the second-largest trade finance currency and the third-largest payment currency. Its weight in the International Monetary Fund's Special Drawing Rights (SDR) currency basket also ranks third. This progress has facilitated cross-border trade and investment while helping to reduce exchange rate risks and conversion costs," he said.
Looking ahead, the central bank is committed to a steady expansion of high-standard financial opening-up to serve the country's high-quality development and foster a more resilient global financial governance system, said Pan.
"We will continue to promote high-standard opening up of financial services and markets. Adhering to market-oriented, law-based, and internationalized principles, we will enhance the transparency, stability, and predictability of our financial opening-up policies. We will further improve the interconnectivity between domestic and overseas financial markets and cross-border payment systems to enhance the convenience of trade and investment. Furthermore, we will advance RMB internationalization in an orderly manner, develop offshore RMB markets, support the construction of Shanghai as an international financial center, and consolidate and enhance Hong Kong's status as a global financial hub," he said.
China to further expand financial opening up: central bank governor
NPC Deputies from east China's Jiangsu Province vowed to make greater contributions to the overall development of the nation after Chinese President Xi Jinping joined them in group deliberations on Thursday.
Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, took part in the deliberation with his fellow deputies from Jiangsu during the fourth session of the 14th National People's Congress (NPC), China's national legislature.
During the discussions, deputies from various sectors shared their experiences and spoke on a wide range of topics, including agriculture, technological and industrial innovation, education and talent training, and rural governance.
"I felt extremely excited today to be able to meet face-to-face with the General Secretary and report to him on Huai'an's economic and social development over the past two years. In recent years, we have vigorously cultivated the development of the crayfish industry in line with the requirements for developing local specialty products. In Xuyi County, one-sixth of the population is engaged in this profession. When I reported to the General Secretary a moment ago, I shared some good news with him. The 'Xuyi No. 1' crayfish has achieved growth of more than 18 percent in both yield per mu (about 0.067 hectare) and individual weight. Crayfish farming has provided more employment opportunities for our labor force and promoted income growth for residents," said Shi Zhijun, secretary of the CPC Huai'an Municipal Committee.
"I reported to the General Secretary on the integration of technological innovation and industrial innovation. The General Secretary attached great care for Soochow University. For our emerging industries and future industries, one important focus is developing commercial aerospace. We are now working together with industry partners to address this issue, hoping that Soochow University will achieve coordinated development with Suzhou's social economy in the future, and make greater contributions particularly to developing new quality productive forces," said Zhang Xiaohong, Party Secretary of Soochow University.
"I reported to the General Secretary on the achievements our team has made in breeding wheat resistant to Fusarium head blight. We have successively developed highly resistant varieties including Yangmai 33 and Yangmai 53, covering two directions of high-quality wheat development. Chinese bowls must be filled with Chinese grain. We must continue our efforts to ensure stable growth of national grain production and guarantee food security," said Gao Derong, a researcher at the Institute of Agricultural Sciences for Lixiahe Region under the Jiangsu Academy of Agricultural Sciences.
"Today, I feel extremely honored and excited to report to the General Secretary on the changes and development of our Desheng Village over the years. The General Secretary inquired about Party organization building, industrial development, social development, and environmental governance. For rural areas, we must first develop industries so that people can benefit substantially from this process. Meanwhile, the building of civilized rural customs must be advanced in parallel," said Yang Hengjun, head of Desheng's village committee.
In the deliberation, Xi has called on economic powerhouses like Jiangsu to redouble efforts to gain experience in analyzing new situations and solving new problems.
Deputies say they will implement the General Secretary's instructions and strive to make new achievements. "Today, the General Secretary, on the one hand, spoke positively of Jiangsu's contributions as an economic powerhouse, shouldering heavy responsibilities during the 14th Five-Year Plan period. On the other hand, he put forward new requirements for Jiangsu in terms of developing new quality productive forces in line with local conditions to enhance economic resilience, and in continuously strengthening common prosperity for the people. As an NPC deputy, I will earnestly study and implement the General Secretary's important instructions upon my return, so that Huai'an's modernization process can advance on a more solid foundation," Shi said.
"Universities, especially research universities, as national strategic scientific and technological forces, must do well in basic research and application. As an important base for talent cultivation, we must establish mechanisms for integrated development of education, science and technology, and talent, and cultivate top innovative talents. We will implement the General Secretary's instructions through these efforts," Zhang said.
NPC deputies from Jiangsu vow to make greater contributions in national development
