At a State Council Information Office press conference on September 10 focused on implementing the 15th Five-Year Plan and advancing the construction of a financial powerhouse, People's Bank of China Deputy Governor Lu Lei outlined the central bank's strategic priorities for further opening up the financial sector.

Lu stated that the authorities will focus on promoting reform and development through greater openness, advancing a high level of financial sector liberalisation. The deputy governor emphasised the need to push forward the internationalisation of the yuan, expanding its role in international trade and investment financing.

On market infrastructure, the PBOC will deepen two-way opening of financial markets and strengthen cross-border connectivity of financial infrastructure. The plan includes developing the offshore yuan market and enriching the supply of offshore yuan liquidity, while also improving a multi-layered and broadly covered cross-border yuan payment system.

Regarding global financial hubs, the authorities will accelerate the building of Shanghai as an international financial centre, and consolidate and elevate the status of Hong Kong as an international financial centre, enhancing their international appeal and influence. The deputy governor also underscored the importance of actively participating in and promoting global financial governance reform, while balancing openness and security to safeguard financial stability.