RMB Internationalisation and Financial Opening are China’s Key Reform Goals: Wu Xiaoqiu


One of China’s leading finance experts has highlighted internationalisation of the renminbi a key goal for reform of the country’s financial system.

Wu Xiaoqiu (吴晓求), director of the Finance and Securities Institute at Renmin University, said that China’s financial opening would encompass three major missions in future:

  1. External opening of financial institutions,
  2. Renminbi internationalisation reforms, and
  3. Opening of the financial market.

According to Wu while China has already done “extremely well” in the first area, renminbi internationalisation and financial market opening would be key development points in future.

Wu made the remarks on 25 July at the 2020 International Monetary Forum (国际货币论坛) that was held online by Renmin University.

Wu further pointed out that while China’s capital markets had grown over the past three decades to reach 50 trillion yuan in total, there were still other issues confronting its growth in future.

To this end Wu advocates that China establish a new international financial centre for its capital markets, characterised by rule of law, contracts and transparency.

Fang Xing­hai, vice-chair with the China Se­cu­ri­ties Reg­u­la­tory Com­mis­sion (CSRC), recently called for accelerated internationalisation of the renminbi to avoid the possibility of the US imposing sanctions upon China similar to those applied to Russia.

Related stories

Belt and Road, SDR In­clu­sion to Drive Ren­minbi In­ter­na­tion­al­i­sa­tion in 2019: China Con­struc­tion Bank

CSRC Of­fi­cial Says Ren­minbi In­ter­na­tion­al­i­sa­tion Needed to Avoid Chi­na’s Ex­clu­sion from US Dol­lar Sys­tem

Open­ing of Chi­na’s Fi­nan­cial Sec­tor Un­af­fected by Coro­n­avirus, Shang­hai Des­tined to Be­come In­ter­na­tional Fi­nance Cen­tre: PBOC

Vig­or­ous Fi­nan­cial Open­ing Mea­sures Will Con­tinue in 2020: Chi­na’s Bank­ing Reg­u­la­tor