People's Bank of China Shanghai Headquarters: Enhance the international currency functions of the Renminbi in pricing, payment, investment and financing, and reserves

On February 6, 2026, the Shanghai headquarters of the People's Bank of China held the 2026 Shanghai Cross-Border RMB Business Work Conference. The meeting summarized the work of cross-border RMB business in Shanghai for 2025 and deployed key tasks for 2026. Su Yun, a member of the Party Committee and Deputy Director of the Shanghai headquarters of the People's Bank of China, attended the meeting and delivered a speech. Heads of domestic and foreign commercial banks, relevant financial infrastructure institutions, and related units in Shanghai participated in the meeting.

The meeting pointed out that in 2025, with the joint efforts of all parties, Shanghai's cross-border RMB business achieved both quantity and quality improvements, with the total amount of RMB cross-border payments reaching 32.4 trillion yuan, a year-on-year increase of 9%, maintaining the national first place. The use of RMB in key enterprises, key sectors, and key regions made positive progress. Reform measures such as the comprehensive reform pilot for offshore trade finance services in the Lingang New Area and the functional upgrade pilot for free trade accounts have been implemented effectively.

The meeting emphasized the need to deeply understand the key points and requirements of the "14th Five-Year" plan recommendations, closely focus on the construction of Shanghai's "five centers," and work together with greater enthusiasm, stronger measures, and a more pragmatic style to enhance cross-border RMB financial services in Shanghai, promoting high-quality economic and social development in Shanghai through high-quality financial development. First, adhere to the principle of prioritizing local currency, continuously improve the facilitation level of cross-border RMB settlement, facilitate the use of RMB for various cross-border trade and investment, and enhance the international monetary functions of RMB in pricing, payment, investment and financing, and reserves. Second, adhere to serving the real economy, continuously enrich the supply of cross-border RMB financial products, enhance the professionalism and refinement of financial services, better meet the market demands for transaction settlement, investment and financing, and risk management, and actively support stable foreign trade and foreign investment. Third, adhere to promoting reform and innovation, expand the pilot of comprehensive reform for offshore trade finance services in the Lingang New Area, support quality enterprises to participate in the functional upgrade pilot for free trade accounts, and fully release the policy dividends of the pilot. Fourth, adhere to preventing financial risks, strengthen compliance management, properly handle the relationship between development and safety, innovation and compliance, enhance the management capabilities and risk prevention capabilities of cross-border capital flows under open conditions, and firmly maintain the bottom line of preventing systemic financial risks.

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