PBOC Governor Pan Gongsheng: Will Steadily Advance High-Level Opening-Up of the Financial Sector, Offshore Holdings of Onshore RMB Financial Assets Exceed 10 Trillion Yuan

Gate News: On March 22, People’s Bank of China Governor Pan Gongsheng stated at the China Development High-Level Forum 2026 Annual Meeting that China will steadily promote high-level opening-up of the financial industry. The country will deepen financial market connectivity, cross-border payment systems, and facilitate more investors to invest in China’s financial markets.

Pan Gongsheng pointed out that China’s stock and bond markets are both the second largest in the world, with market depth, resilience, and liquidity continuously improving. By the end of 2025, overseas institutions and individuals will hold over 10 trillion yuan in domestic stocks, bonds, deposits, and loans.

Regarding the internationalization of the renminbi, Pan Gongsheng said that recent years have seen positive progress, providing more diversified currency options for domestic and foreign entities. Currently, the cost of renminbi financing is relatively low. By 2025, the issuance of panda bonds by governments, international development agencies, financial institutions, and large enterprises will exceed 170 billion yuan, with offshore renminbi bonds issued in Hong Kong being even larger.

Pan Gongsheng emphasized that China will continue to improve the institutional arrangements and financial infrastructure for cross-border renminbi use, carry out diversified monetary and financial cooperation, promote the development of offshore renminbi markets, and facilitate cross-border trade and investment activities.