At a State Council Information Office press conference on September 10th regarding financial sector implementation of the "15th Five-Year Plan" and building a strong financial nation, People's Bank of China Deputy Governor Lu Lei outlined the central bank's strategic direction for the coming period. He emphasized that the PBOC will prioritize serving the real economy while promoting trade and investment facilitation, aiming to foster a more favorable environment for both domestic and international entities to hold and use the renminbi. The comprehensive approach is structured across five key operational areas.

The first focal point involves strengthening international monetary and financial cooperation. This includes actively advancing reforms to improve global financial governance, expanding bilateral local currency settlement arrangements, and broadening the coverage of currency swap agreements. Importantly, the plan supports overseas central banks in developing regular policy tools to utilize RMB swap funds for supporting trade and investment activities.

Secondly, the PBOC will refine the policy framework for cross-border RMB transactions. This involves increasing the supply of high-quality policy measures designed to enhance the convenience and overall usage level of RMB in cross-border trade, investment, and financing scenarios. The overarching goal is to make RMB usage more seamless across borders.

In the third area, the focus shifts to deepening the high-level opening-up of financial markets. The strategy entails aligning market rules with international standards, expanding market connectivity through mechanisms such as Stock Connect, Bond Connect, and Swap Connect, and promoting a transition towards comprehensive opening of the onshore market. Concurrently, efforts will accelerate the development of Shanghai as an international financial center, positioning it as a hub for RMB asset allocation and risk management.

The fourth priority is the ongoing enhancement of the cross-border RMB payment infrastructure. The PBOC will optimize the functions and services of the Cross-border Interbank Payment System (CIPS), promote interconnectivity of fast payment systems and QR code payment methods, and actively encourage the use of digital RMB in cross-border applications. These steps are designed to modernize and streamline the payment ecosystem.

Finally, the plan underscores continued support for the healthy development of the offshore RMB market. This includes optimizing the layout of RMB clearing banks and establishing a robust, multi-tiered liquidity provision mechanism across various maturities to ensure sufficient and stable RMB liquidity in offshore markets. A key component of this effort is the routine issuance of government bonds and central bank bills to enrich the pool of high-grade RMB assets. Regionally, the plan prioritizes advancing the construction of Hong Kong as an offshore RMB hub while supporting differentiated development of other offshore markets in London, Singapore, and Dubai.