China's central bank pledges high-level financial opening-up

China's central bank, the People's Bank of China (PBOC), pledged during a symposium with foreign financial institutions on Monday to further advance high-level opening-up of the financial sector.

According to a PBOC statement, PBOC Governor Pan Gongsheng said China will improve policy supply, steadily expand the two-way opening-up of financial markets, optimize cross-border payment services and further facilitate the international use of the renminbi.

The symposium was attended by 15 foreign financial institutions, including Bank of America, HSBC and First Abu Dhabi Bank.

China's economy is generally stable and improving, with its structure continuing to optimize and high-quality development making new progress, Pan said, adding that the PBOC will continue to adopt a moderately loose monetary policy and create a sound monetary and financial environment for steady economic growth and smooth operation of financial markets.

Official data showed that China's GDP grew by 4.7% year on year in the first half of 2026, demonstrating resilience amid lingering geopolitical tensions and trade frictions weighing on the global economy.

The growth has been supported by the PBOC's monetary policy, with the central bank using structural monetary policy tools to help optimize the economic structure.

The foreign financial institutions noted that the PBOC's series of measures to deepen financial reform and opening-up, improve the business environment and facilitate the international use of the renminbi have achieved positive progress.

They hoped that relevant policies would continue to be optimized and communication with the market would be strengthened, the statement said.

The symposium came days after China unveiled a plan to strengthen its financial sector during 2026-2030, which calls for steady expansion of high-standard financial opening up and continued increases in the sector's international influence and competitiveness.

By 2030, China aims to put in place the overall framework of a modern financial system with Chinese characteristics, ensure that financial regulation policies are well coordinated and effective, optimize the structure of the financial system, ensure rigorous and effective financial supervision, and make financial risk prevention and control targeted and efficient, according to the plan.