China’s Forex Authority Flags Coordinated Push for Capital Account Opening, Financial Market Opening and Renminbi Internationalisation


The head of China’s foreign exchange authority has called for more concerted and coordinated efforts to drive ongoing liberalisation and opening of the country’s financial markets.

Pan Gongsheng (潘功胜), head of the State Administration of Foreign Exchange (SAFE) and deputy governor of the People’s Bank of China (PBOC), said in future the two authorities will “engage in overall planning in pushing for capital account opening, financial market bidirectional opening and renminbi internationalisation.”

Pan made the remarks in a speech delivered on 15 October at the inaugural New Financial Youths Forum (新金融青年论坛) held in Shanghai.

The SAFE head said that China’s monetary authorities will also “raise the level of liberalisation and convenience of cross-border trade and investment, and effectively prevent cross-border capital flow shocks.”

Shanghai will continue to play a critical role in China’s financial liberalisation ambitions, with plans to attract more talent to the city to “provide a high-quality financial environment and assist the establishment of Shanghai as a fintech centre.”

“Shanghai has always been a frontline soldier in reform and opening,” said Pan. “We will continue to drive the implementation of key national strategies for the establishment of Shanghai as an international financial centre and the integrated development of the Yangtze River Delta region.”