The Central Bank of China announced that it would implement eight major financial opening measures focused on promoting the internationalization of the digital yuan and yuan foreign exchange futures transactions.
According to state-run China Central Television (CCTV) on the 18th, Pan Gongsheng, the governor of the People's Bank of China, presented the related details at the Lujiazui Financial Forum held in Shanghai that day.
The eight major measures include: ▲ establishing a market transaction reporting system between banks ▲ establishing a digital yuan international operational center ▲ establishing personal credit rating agencies ▲ reforming offshore trade finance services ▲ promoting offshore bonds in free trade zones ▲ optimizing free trade account functions ▲ innovating currency policy tools ▲ and promoting yuan foreign exchange futures transactions.
Governor Pan said, "We will create a database for interbank market transaction reporting, and we will systematically collect and analyze various financial market transaction data such as bonds, currencies, derivatives, gold, and bills at a high frequency to provide services for financial institutions and macro-control, as well as financial market supervision and management."
He continued, "We will establish a digital yuan international operational center and promote the internationalized operation of the digital yuan and the development of financial market operations," adding that, "together with the Securities Regulatory Commission, we will study and promote yuan foreign exchange futures transactions to improve the order of foreign exchange market products and manage the foreign exchange risk of financial institutions and trade corporations."
"We will create a personal credit information agency to provide diversified and differentiated personal credit information to financial institutions and complete the social credit information system," he also noted. Moreover, Governor Pan announced plans to expand loan channels for companies expanding overseas and to provide support for corporations in countries and regions along the Belt and Road Initiative.