Central Bank Announces Eight Major Financial Opening-up Measures

Just now, at the 2025 Lujiazui Forum, Pan Gongsheng, Governor of the People's Bank of China, announced eight significant financial policies.

First, establish a trade repository for the interbank market. It will collect and systematically analyze transaction data from various financial sub-markets, including interbank bonds, currencies, derivatives, gold, and bills, at a high frequency, to serve financial institutions, macroeconomic regulation, and financial market supervision.

Second, establish an international operation center for the digital yuan. It will promote the international operation of the digital yuan and the development of financial market businesses, serving digital financial innovation.

Third, establish personal credit reporting agencies. They will provide diversified and differentiated personal credit reporting products for financial institutions, further improving the social credit reporting system.

Fourth, launch a comprehensive reform pilot for offshore trade financial services in the Lingang New Area of Shanghai. It will innovate business rules to support the development of offshore trade in Shanghai.

Fifth, develop free trade offshore bonds. Following the principle of "both ends outside" and internationally accepted rules and standards, it will broaden financing channels for "going global" enterprises and high-quality enterprises from countries and regions participating in the Belt and Road Initiative.

Sixth, optimize and upgrade the functions of free trade accounts. It will achieve efficient financing between high-quality enterprises and overseas funds, enhance the level of liberalization and facilitation of cross-border trade and investment, and support Shanghai's high-level opening up.

Seventh, innovate structural monetary policy tools in Shanghai on a "pilot basis". This includes launching pilots for aviation and trade blockchain letter of credit refinancing business, "cross-border trade refinancing" business, and expanding the scope of carbon emission reduction support tools. Actively promote Shanghai's first use of risk-sharing tools for science and technology innovation bonds to support private equity institutions in issuing science and technology innovation bonds.

Eighth, collaborate with the China Securities Regulatory Commission to study and promote RMB foreign exchange futures trading. It will drive the improvement of the foreign exchange market product lineup, facilitating financial institutions and foreign trade enterprises to better manage exchange rate risks.

PBOC Governor Pan Gongsheng: Innovate structural monetary policy tools in Shanghai on a "pilot basis"

PBOC Governor Pan Gongsheng stated at the 2025 Lujiazui Forum that Shanghai will innovate structural monetary policy tools on a "pilot basis", including launching a pilot for aviation and trade blockchain letter of credit refinancing business, issuing re-loans on a credit basis to support Shanghai-based commercial banks in providing financing to foreign trade enterprises, launching a pilot for cross-border trade refinancing business, using rediscounting to support Shanghai-based commercial banks in providing RMB cross-border trade financing to import and export enterprises, and launching a pilot for expanding the scope of carbon emission reduction support tools to cover some areas of transition finance and local characteristic industries. Actively promote the first batch of Shanghai's use of risk-sharing tools for science and technology innovation bonds to support private equity institutions in issuing science and technology innovation bonds.