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

LightningPacketLoss · 2026-03-22T11:59:43+00:00

The internationalization of the Chinese yuan has made positive progress, providing diverse currency options for domestic and foreign entities. With lower financing costs, multiple countries have issued panda bonds, and the offshore yuan market has developed, facilitating cross-border trade and investment and financing activities.

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2026-03-22 11:59:43

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Source: People’s Financial News Author: Zheng Zaojin

People’s Financial News, March 22 — According to a keynote speech by People’s Bank of China Governor Pan Gongsheng at the 2026 China Development High-Level Forum, in recent years, the internationalization of the Renminbi has made positive progress, providing more diversified currency options for domestic and foreign entities. Currently, the cost of Renminbi financing is relatively low. By 2025, over 170 billion yuan in Panda bonds will be issued by governments, international development agencies, financial institutions, and large enterprises worldwide, 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 promote diversified monetary and financial cooperation, develop the offshore Renminbi market, and facilitate cross-border trade and investment activities.

(Edited by: Wen Jing)

Keywords: Renminbi

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