PBOC Governor Pan Gongsheng: Implement moderately accommodative monetary policy, continue to push for high-level financial opening

Beijing, September 21 — The People's Bank of China (PBOC) held a symposium with foreign financial institutions to solicit their opinions and suggestions, and to study further measures for optimizing the business environment and advancing high-level opening-up of the financial sector.

PBOC Governor Pan Gongsheng attended the meeting and delivered a speech. The symposium was chaired by PBOC Deputy Governor Xuan Changneng. Also present were PBOC Deputy Governor Zou Lan, and State Administration of Foreign Exchange (SAFE) Deputy Administrators Xu Zhibin and Li Bin.

During the symposium, Governor Pan introduced the current economic and financial situation in China as well as the implementation of monetary policy. He listened to the opinions and suggestions of the participating institutions and responded to issues of common concern.

Pan noted that China's economy is operating on a generally stable and improving trajectory, with continuous structural optimization and steady progress in high-quality development. He stated that the PBOC will earnestly implement the decisions and deployments of the Communist Party of China Central Committee and the State Council, and will implement a moderately accommodative monetary policy to create a favorable monetary and financial environment for stable economic growth and smooth financial market operations.

The PBOC will continue to promote high-level financial opening-up, persistently improve policy supply, steadily expand two-way opening of financial markets, continuously optimize cross-border payment services, and further facilitate the international use of the renminbi.

The foreign financial institutions acknowledged that since the beginning of this year, the PBOC's series of measures in deepening financial sector reform and opening-up, optimizing the business environment, and facilitating the international use of the renminbi have made positive progress. They expressed hope for continued optimization of relevant policies and enhanced communication with the market.

Representatives from 15 foreign financial institutions attended the symposium and delivered remarks, including:

• Bank of America
• JPMorgan Chase Bank
• HSBC
• Standard Chartered Bank
• Deutsche Bank
• DBS Bank
• First Abu Dhabi Bank
• PT Bank Mandiri (Persero) Tbk
• BNP Paribas
• Morgan Stanley
• Goldman Sachs
• UBS Securities
• Manulife Financial
• Brookfield Asset Management
• Canada Pension Plan Investment Board

Relevant department heads and staff from the PBOC and SAFE also attended the symposium.