context: The 2025 Lujiazui Forum serves as a key platform for announcing major financial policy initiatives aimed at strengthening Shanghai's position as an international financial centre. The announcement of eight financial opening measures for Shanghai comes amid ongoing efforts to deepen financial market reforms and enhance cross-border financial connectivity. The measures reflect Beijing's strategy to leverage Shanghai as a testing ground for innovative monetary policy tools and financial services, particularly in areas like digital currency operations and cross-border trade financing. The timing coincides with broader policy efforts to internationalise the RMB and modernise the PRC's financial infrastructure.
Pan Gongsheng 潘功胜 People's Bank of China governor announced eight specific financial opening measures for Shanghai during his keynote speech at the 2025 Lujiazui Forum, emphasising structural monetary policy tool innovation
- establish interbank market transaction repository in Shanghai to enhance market infrastructure and data management capabilities
- set up digital RMB international operations centre in Shanghai to support cross-border digital currency initiatives
- establish personal credit reporting institution in Shanghai to strengthen credit information services
- launch comprehensive reform pilot for offshore trade finance services in Shanghai Lingang New Area
- develop free trade offshore bonds in Shanghai to expand offshore financing options
- optimise and upgrade free trade account functions in Shanghai for enhanced cross-border financial services
- pilot structural monetary policy tool innovation in Shanghai including shipping and trade blockchain letter of credit refinancing business and cross-border trade refinancing pilots
- research RMB foreign exchange futures trading in collaboration with CSRC to deepen derivatives markets
Pan noted the RMB has become the world's second-largest trade financing currency and third-largest payment currency globally. He also noted the PRC's establishment of bilateral currency swap agreements with over 30 countries and regions, forming important component of global financial safety net.