China’s Steady Progress towards Yuan Internationalisation: Insights from Sibos Conference Panellists

China is determined to globalize its yuan and markets, according to panel members at Sibos. Lu Lei, the deputy governor of the People's Bank of China (PBOC), has stated that China's financial sector has always welcomed and will continue to foster openness and collaboration.

The global expansion of China's financial sectors and currency is set to persist, driven by increased attention from worldwide investors. Hong Kong is set to play a vital role as a key "superconnector" and center for tech advancement, according to panelists at the Sibos conference in Beijing.

Past experiences have demonstrated that embracing openness is a crucial catalyst for the superior progression of the finance industry. The People's Bank of China (PBOC) will propel this goal by fostering a conducive environment for foreign financiers to conduct business in China, enhancing operations in accordance with globally recognized best practices, and increasing the integration of the local and international financial markets.

The event lasting four days, put together by the Society for Worldwide Interbank Financial Telecommunication (Swift), has attracted in excess of 10,000 financial experts from across the globe and more than 125 exhibitors.

In a different panel debate, David Liao, the co-CEO of HSBC for the Asia-Pacific region, stated that the worldwide use of the yuan does not align with China's economic strength.

"Liao noted that as economic needs have grown over the years, so too has the variety of strategies aimed at speeding up the internationalization of the renminbi. He pointed out that renminbi payments and trade financing are on the rise, the digital yuan is being tested, and the link programs between Hong Kong and mainland China are growing. He emphasized that there is even more potential to increase the use of renminbi in foreign markets, especially Hong Kong."