Central Bank: Improve Digital RMB Cross-Border Infrastructure, Advance RMB Cross-Border Payment System Construction

The People's Bank of China held a work conference for the second half of 2026. The conference emphasized steadily deepening financial reforms and opening-up. Cooperation on inter-central bank currency swaps and local currency settlement will be carried out actively and prudently. Support and facilitation will be provided for more overseas institutions to participate in the issuance of Panda bonds. The development of the offshore RMB market will be coordinated, supporting Shanghai in enhancing its cross-border finance and offshore financial service capabilities, and consolidating Hong Kong's status as an offshore RMB business hub. Reforms to facilitate cross-border trade and investment and financing will be deepened. Construction of the Cross-Border Interbank Payment System will be advanced, international cooperation on cross-border payments strengthened, and cross-border infrastructure for the digital RMB improved.