The 2025 Lujiazui Forum was held in Shanghai on the 18th. At the forum, Pan Gongsheng, Governor of the People's Bank of China, announced eight major financial policies, including the establishment of an International Operations Center for Digital RMB, the development of free trade offshore bonds, and research on advancing RMB forex futures trading.
● Establishing an Interbank Market Transaction Reporting Repository
1. Establishing an interbank market transaction reporting repository. This will involve the high-frequency collection and systematic analysis of transaction data from various financial sub-markets such as interbank bonds, currencies, derivatives, gold, and bills, serving financial institutions, macroeconomic regulation, and financial market supervision.
2. Establishing an International Operations Center for Digital RMB. Advancing the internationalized operations and financial market business development of the digital RMB to support digital financial innovation.
3. Establishing a personal credit reporting agency. Providing financial institutions with diversified and differentiated personal credit products to further improve the social credit reporting system.
● Broadening Financing Channels under the Belt and Road Initiative
4. Conducting a pilot program for comprehensive offshore trade financial services reform in the Shanghai Lingang Special Area. Innovating business rules to support the development of offshore trade in Shanghai.
5. Developing free trade offshore bonds. Following the principle of "both ends located offshore" and adhering to internationally accepted rules and standards, this policy will expand financing channels for "going global" enterprises as well as quality enterprises in countries and regions participating in the Belt and Road Initiative.
6. Optimizing and upgrading the functionality of free trade accounts. Enabling efficient connections between quality enterprises and overseas funds, improving the facilitation of cross-border trade and investment, and assisting Shanghai in achieving a high level of openness to the outside world.
● Pilot Structural Monetary Policy Tools in Shanghai
7. Innovating structural monetary policy tools as a "first trial" in Shanghai. This includes piloting blockchain-based letter of credit refinancing in aviation trade, launching "cross-border trade refinancing" services, and expanding the scope of carbon reduction support tools. It also actively promotes the first batch of risk-sharing tools for technological innovation bonds in Shanghai, supporting private equity institutions in issuing technological innovation bonds.
8. Collaborating with the China Securities Regulatory Commission to research and promote RMB forex futures trading. This aims to enhance the product sequence in the forex market and facilitate financial institutions and foreign trade enterprises in better managing exchange rate risks.