At the opening ceremony of the 2025 Lujiazui Forum today (June 18), Pan Gongsheng, Governor of the People's Bank of China, announced eight significant financial liberalization and innovation initiatives:

1.Establishment of an Interbank Market Transaction Reporting Database
A high-frequency data aggregation and systematic analysis platform will be created to cover trading data across interbank markets, including bonds, money markets, derivatives, gold, and bills. This will serve financial institutions, support macroeconomic regulation, and enhance financial market supervision.

2.Launch of the Digital RMB International Operation Center
This center will promote the internationalization and market operations of the digital renminbi (e-CNY), fostering innovation in digital finance services.

3.Creation of a Personal Credit Reporting Agency
A new agency will provide diversified and differentiated personal credit products for financial institutions, further improving the social credit system.

4.Comprehensive Reform Pilot for Offshore Trade Finance Services in Shanghai Lingang New Area
Innovative business rules will be introduced to support the development of offshore trade in Shanghai.

5.Development of Free Trade Offshore Bonds
Following the principle of "dual presence abroad" and adhering to international standards, this initiative aims to broaden financing channels for Chinese enterprises going global and for quality companies in Belt and Road Initiative countries and regions.

6.Optimization and Upgrade of Free Trade Account Functions
The reforms will enhance efficient capital flows between high-quality enterprises and overseas funds, advancing the liberalization and facilitation of cross-border trade and investment, and supporting Shanghai’s high-level opening-up.

7.Innovations in Structural Monetary Policy Tools under Shanghai's Pilot Program
Initiatives include the launch of blockchain-based letter of credit refinancing in the shipping trade, cross-border trade refinancing, and expansion of carbon emission reduction support tools. The pilot will also actively promote the first application of technology innovation bond risk-sharing tools in Shanghai, supporting private equity firms in issuing technology innovation bonds.

8.Collaboration with the China Securities Regulatory Commission to Advance RMB Forex Futures Trading
This will improve the range of foreign exchange market products, enabling financial institutions and foreign trade enterprises to better manage exchange rate risks.