People's Bank of China Pledges Further Financial Sector Opening

The People's Bank of China pledged to advance high-level opening-up of its financial sector during a symposium with 15 foreign financial institutions on September 21, 2026. Governor Pan Gongsheng announced plans to expand two-way financial market opening, optimize cross-border payment services, and facilitate the international use of the renminbi.

Pan stated the central bank will maintain a moderately loose monetary policy to support steady economic growth, noting that China's GDP grew by 4.7 percent year on year in the first half of 2026. These measures align with a broader government plan for 2026-2030 designed to establish a modern financial system with Chinese characteristics and increase international competitiveness by 2030.

Participating institutions, including Bank of America, HSBC, and First Abu Dhabi Bank, acknowledged the progress made in financial reform. However, these organizations requested continued policy optimization and stronger market communication from the central bank.