Beijing’s financial powerhouse, the People’s Bank of China (PBOC), is setting its sights on a bolder global role. In a recent exclusive interview with China Media Group, PBOC Governor Pan Gongsheng outlined ambitious plans to steadily advance the internationalization of the Renminbi (RMB) while stabilizing domestic growth.
Pan emphasized that by 2026, the central bank will prioritize reforms in global financial governance and deepen international financial cooperation. This includes promoting high-level openness in the financial services sector and markets. ‘We will continue to build a multi-channel, comprehensive, secure, and efficient RMB cross-border payment system,’ he stated.
The governor highlighted the need for stronger international collaboration in cross-border payments. China aims to actively participate in international financial governance, amplify the voice of developing economies, and bolster regulatory capabilities to match high-level openness—all while safeguarding national financial security.
At the core of PBOC’s strategy lies a dual mandate: maintaining currency stability and financial stability. Monetary policy and macro-prudential management form the two pillars supporting these goals and the vision of building a strong financial nation.
Pan described a scientific and robust monetary policy framework that balances short-term and long-term objectives, stabilizes growth, prevents risks, and harmonizes domestic and external factors. This approach underscores China’s commitment to a resilient and globally integrated financial system as it navigates economic challenges ahead.