Pan Gongsheng, Governor of the People's Bank of China (PBOC), stated at the China Development Forum 2026 on March 22 that the PBOC will steadily promote high-level opening-up of the financial sector. This includes deepening financial market connectivity and cross-border payment system interconnection to facilitate investment in China's financial markets by more investors. China's stock and bond markets are both the second largest globally, with continuously improving market depth, resilience, and liquidity. By the end of 2025, overseas institutions and individuals will hold over RMB 10 trillion in RMB financial assets, including stocks, bonds, deposits, and loans. The PBOC welcomes overseas investors to participate in and invest in China's financial markets. In recent years, RMB internationalization has made positive progress, providing more diversified currency options for domestic and foreign entities. Currently, RMB financing costs are relatively low. In 2025, governments, international development institutions, financial institutions, and large enterprises issued over RMB 170 billion in Panda bonds, with even larger offshore RMB bonds issued in Hong Kong. The PBOC will continue to improve the institutional arrangements for the cross-border use of RMB and the construction of financial infrastructure. The PBOC will also conduct diversified monetary and financial cooperation, promote the development of the offshore RMB market, and facilitate cross-border trade and investment activities. (People's Bank of China)