China will continue to steadily expand high-level financial opening and help build a more equitable, inclusive, and resilient global financial governance system, Pan Gongsheng, governor of the People’s Bank of China, the country’s central bank, said on Friday.
Pan made the remarks at a news conference of the fourth session of the 14th National People’s Congress, saying that changes in the geopolitical landscape have created new momentum for reforming global financial governance.
Pan said China will improve connectivity between domestic and overseas financial markets and strengthen cross-border payment system linkages, while advancing the internationalization of the renminbi and developing offshore yuan markets.
He also called for a more diversified international monetary system, a safer, more efficient cross-border payment network, and enhancing the voice and representation of emerging markets and developing economies in the governance of international financial organizations.
By the end of last year, overseas institutions and individuals held more than 10 trillion yuan ($1.45 trillion) in onshore renminbi financial assets, including stocks, bonds, deposits, and loans, he added.
In 2025, panda bond issuance by foreign governments, international development agencies, financial institutions, and corporations exceeded 170 billion yuan, with outstanding balances rising 34 percent year-on-year.
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