China to Establish International Digital Yuan Operations Center... Manage Exchange Rate Risks
Eight Key Financial Policies Announced at Shanghai Financial Forum
Pan Gongseng, Governor of the People's Bank of China. Photo by Reuters and Yonhap News
View original imageThe governor of China's central bank has announced key financial policies, including the expansion of digital yuan operations and the management of exchange rate risks through the research and promotion of foreign exchange futures trading.
According to state-run China Central Television (CCTV) on June 18 (local time), Pan Gongseng, Governor of the People's Bank of China, introduced these eight major financial policies at the annual Lujiazui Financial Forum held in Shanghai that day.
Governor Pan stated, "We will establish an interbank market transaction reporting database," and added, "We will collect and systematically analyze high-frequency transaction data from various financial markets, including bonds, currencies, derivatives, gold, and notes, and utilize this information for financial market supervision and management." He continued, "We will establish an international operations center for the digital yuan and promote the internationalized operation of the digital yuan as well as the development of financial market operations." He also said, "We will create a personal credit information agency to provide diversified and differentiated personal credit information products to financial institutions and improve the social credit information system."
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In addition, Governor Pan explained that, together with the China Securities Regulatory Commission, they will research yuan foreign exchange futures trading to improve the order of foreign exchange market products and manage exchange rate risks for financial institutions and trade companies. He also mentioned plans to expand financing channels for overseas companies and high-quality companies in Belt and Road countries and regions, as well as policies to support trade companies.
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