On December 20, 2019, the People’s Bank of China (PBC) held a symposium on RMB internationalization to review progress secured in RMB internationalization over the past ten years, exchange working experience, and make plans for cross-border RMB businesses at the next stage. PBC Deputy Governor Pan Gongsheng attended and addressed the symposium.
As pointed out at the symposium, since the launch of the pilot program for cross-border RMB businesses, the PBC has worked consistently to accommodate market demand, serve the real economy, facilitate trade and investment, and advance financial reform and innovation. Over the past decade, the RMB has gradually come to serve as an invoice currency, steadily enhanced its function as a payment currency and reinforced its function as a funding currency. Meanwhile, substantial progress has been made in supporting financial transactions and functioning as a reserve currency.
It was emphasized at the symposium that the PBC and the State Administration of Foreign Exchange (SAFE) will join hands with relevant departments to earnestly implement the spirits of the Fourth Plenary Session of the 19th Central Committee of the Communist Party of China (CPC) on “steadily promoting the internationalization of RMB”, and work with commercial banks and other financial institutions to strengthen coordination and international cooperation, enhance the quality and capacity of financial service, continue serving the real economy, focus on helping enterprises reduce exchange rate risks and exchange costs, increase financing channels, and facilitate trade and investment in a more effective way.
Representatives from commercial banks, overseas RMB clearing banks and the branches of the PBC exchanged experience at the symposium. Representatives from relevant departments and commissions, policy banks, interbank market intermediaries and infrastructure institutions, the self-regulatory mechanism of cross-border RMB business and enterprises attended the symposium.
