People's Bank of China: Promote the internationalization of the RMB and steadily develop the digital RMB

Odaily Planet Daily reports that the Party Committee of the People's Bank of China held a meeting, emphasizing the need to steadily promote high-level financial opening-up and safeguard national financial security. The meeting stressed the importance of implementing global governance initiatives, actively participating in and promoting the reform and improvement of global financial governance, pragmatically conducting financial diplomacy and multilateral and bilateral monetary and financial cooperation, promoting the internationalization of the RMB, continuously building and developing a multi-channel, broad-coverage RMB cross-border payment system, steadily developing the digital RMB, improving the central bank system, and building a strong central bank. The meeting also emphasized constructing a scientific and sound monetary policy system, dynamically assessing and improving the monetary policy framework, enriching the monetary policy toolbox, and strengthening the implementation and transmission of monetary policy. Furthermore, the meeting stressed the need to comprehensively address the "five major tasks" in finance, including improving a comprehensive macro-prudential management system and a systemic financial risk prevention and disposal mechanism, strengthening macro-prudential management in key areas, and improving the basic framework for the supervision of systemically important financial institutions. The meeting also emphasized building a standardized, transparent, open, vibrant, and resilient financial market system, constructing a safe and efficient financial infrastructure system, and improving the legal basis for the central bank's functions. (Jinshi)