At the 2025 Lujiazui Forum, Pan Gongsheng, Governor of the People's Bank of China (PBOC), announced eight major financial policies, including:

(1) Establishing an interbank market transaction reporting repository to collect and systematically analyze high-frequency transaction data from various financial sub-markets such as interbank bonds, currency, derivatives, gold, and bills, serving financial institutions, macroeconomic regulation, and financial market supervision.

Related NewsInflation Rate MoM for June in China is -0.1%, higher than the previous value of -0.2%. The forecast was 0%.
(2) Setting up an international digital RMB operations center to advance the internationalization of digital RMB operations and the development of financial market businesses, propping up digital financial innovation.

(3) Establishing a personal credit reporting agency to provide diversified and differentiated personal credit products for financial institutions, further enhancing the social credit system.

(4) Launching a comprehensive reform pilot for offshore trade financial services in the Lingang section of Shanghai Pilot Free Trade Zone to innovate business rules and support Shanghai's development as an offshore trading hub.

Related NewsPPI YoY for Jun in China is -3.6%, lower than the previous value of -3.3%. The forecast was -3.2%.
(5) Developing free trade offshore bonds that adhere to international standards to broaden financing channels for enterprises expanding overseas and high-quality companies in Belt and Road partner countries and regions.

(6) Optimizing and upgrading free trade account functions to enable efficient capital flows between high-quality enterprises and overseas funds, enhance the liberalization and facilitation of cross-border trade and investment, and support Shanghai's high-level opening-up.

(7) Pioneering structural monetary policy tool innovation in Shanghai, including pilot programs for shipping and trade blockchain letter of credit refinancing, cross-border trade refinancing, and expanding carbon emission reduction support tools, while actively promoting the use of Shanghai's first batch of technology innovation bond risk-sharing tools and shoring up private equity institutions in issuing tech innovation bonds.

Related NewsCN End-Jun FX Reserves Up 0.98% MoM to USD3.3174T
(8) Researching with the China Securities Regulatory Commission to facilitate RMB foreign exchange futures trading, improve the range of foreign exchange market products, and make it easier for financial institutions and foreign trade enterprises to better manage exchange rate risks.