The 2025 Lujiazui Forum was held on the 18th in Shanghai, where the Governor of the People's Bank of China, Pan Gongsheng, pointed out that the renminbi (RMB) has become the world's second-largest trade financing currency; in terms of total volume, the RMB has become the third-largest payment currency globally; and its weight in the IMF Special Drawing Rights (SDR) currency basket ranks third in the world.
He stated that the future international monetary system may continue to evolve towards a pattern where a few sovereign currencies coexist, compete, and counterbalance each other. Whether it is a single sovereign currency or a few sovereign currencies serving as the dominant international currencies, the sovereign currency countries will need to shoulder corresponding responsibilities, strengthen domestic fiscal discipline and financial regulation, and promote structural economic reform.
Pan Gongsheng also noted that new technologies are being rapidly applied in the field of cross-border payments, with technologies such as blockchain and distributed ledger driving the flourishing development of central bank digital currency stablecoins. These technologies have reshaped the traditional payment and settlement systems from the ground up, significantly shortening the cross-border payment chain, while also posing significant challenges to financial regulation. Technologies like smart contracts and decentralized finance will continue to propel the evolution and development of cross-border payment systems. He further mentioned that the application of artificial intelligence in the financial sector lacks unified standards, and global regulatory efforts need to be strengthened.
Additionally, the Cross-border Interbank Payment System (CIPS) held a direct participant signing ceremony with six foreign institutions and an online direct participant ceremony with Bangkok Bank of Thailand. Among these, Standard Bank, African Export-Import Bank, First Abu Dhabi Bank, Kyrgyz Eldik Bank, and United Overseas Bank have become direct CIPS participants, marking the first time that CIPS foreign direct participants have covered regions including Africa, the Middle East, Central Asia, and Singapore's offshore RMB center, further facilitating the cross-border use of RMB.