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Ji Siqi

Chinese financial authorities have pledged further steps to expand the yuan’s global use amid a broader de-dollarisation trend, while vowing to make listing on mainland stock exchanges the “primary” choice for top-tier domestic companies.
“The internationalisation of the yuan is a continuous and steady process, and an irreversible trend,” said Lu Lei, deputy governor of the People’s Bank of China (PBOC), at a press conference on Thursday.
To meet growing demand from market participants seeking more diverse currency options, the PBOC had steadily strengthened the yuan’s global monetary functions and international standing, Lu said.
To support this expansion, he said China would increase bilateral currency swap agreements and local-currency settlement while improving the Cross-Border Interbank Payment System – a Chinese alternative to Western-dominated settlement networks such as the Society for Worldwide Interbank Financial Telecommunication, or Swift.
The central bank would also expand cross-border use cases for the digital yuan and QR-code payments, Lu added, while it planned to optimise market access schemes – including Stock Connect, Bond Connect and Swap Connect – to further open up China’s onshore financial markets.
Authorities also pledged to reinforce Hong Kong’s role as the premier offshore yuan hub, while supporting tailored, differentiated market development in London, Singapore and Dubai.
Shanghai’s growth as a global hub for yuan asset allocation and risk management would be further enhanced, Lu added.




“The yuan has become China’s top settlement currency for cross-border receipts and payments, the world’s second-largest trade finance currency and the third-largest payment currency, holding the third-highest weighting in the IMF’s Special Drawing Rights currency basket,” Lu added.
The pledges align with Beijing’s new five-year plan framework to transform the country into a “financial powerhouse”.
At the same press conference, Li Chao, vice-chairman of the China Securities Regulatory Commission (CSRC), said authorities would push to make the A-share market the primary listing destination for leading domestic companies.
Historically, many prominent Chinese technology firms have opted to go public in New York or Hong Kong first, where listing rules are generally viewed as more flexible. However, amid tightening scrutiny of overseas listings and persistent geopolitical tensions, Beijing is actively seeking to retain home-grown tech leaders on mainland exchanges.
The CSRC would “accelerate the development of world-class exchanges to comprehensively enhance overall strength and global competitiveness” of the domestic capital markets, Li said.
Addressing international concerns, Lu reiterated that China had neither the need nor the intention to deliberately weaken the yuan to make its exports cheaper.
He said Chinese companies’ bargaining power and their ability to manage exchange-rate risks had steadily strengthened in recent years, making trade less vulnerable to currency movements.
“At the same time, foreign trade enterprises are increasingly utilising exchange rate hedging tools, and the rising share of the yuan in trade settlements has further reduced the sensitivity of trade to exchange rate fluctuations,” he noted.


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From bilateral swaps to keeping premier tech firms on mainland exchanges, Beijing details the blueprint to build a financial powerhouse


From bilateral swaps to keeping premier tech firms on mainland exchanges, Beijing details the blueprint to build a financial powerhouse.


China says yuan’s global rise is ‘irreversible’ – and has a strategy to back it up

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}From bilateral swaps to keeping premier tech firms on mainland exchanges, Beijing details the blueprint to build a financial powerhouse

From bilateral swaps to keeping premier tech firms on mainland exchanges, Beijing details the blueprint to build a financial powerhouse