Yuan Internationalisation and Technological Development at Sibos Conference in Beijing
Enhancing Yuan Internationalisation through Technological Development
The internationalisation of China's currency and financial markets is evolving, with rising global interest and Hong Kong as a pivotal superconnector in the Greater Bay Area. Lu Lei, deputy governor of the People's Bank of China (PBOC), emphasized that China will continue to support an open financial ecosystem to attract foreign investors. The PBOC aims to provide a conducive environment for foreign firms to engage in the Chinese market and enhance the interconnectivity between domestic and international financial realms.
Key Discussions at Sibos Conference
- Lu Lei discussed the PBOC's commitment to facilitating cross-border trade and increasing foreign investments.
- HSBC's David Liao noted the growing relevance of the renminbi internationally but acknowledged the need for accelerated initiatives.
- Wilfred Yiu from Hong Kong's stock exchange pointed out opportunities in technology, enhancing Hong Kong's status as a financial hub.
Future Prospects for Yuan Internationalisation
As geopolitical challenges loom, China’s dedication to leveraging its technological advancements while promoting yuan usage remains steadfast. Beijing Mayor Yin Yong highlighted the importance of aligning market opportunities with national goals. Standard Chartered's Bill Winters expressed optimism about China's potential in the global payments system.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.