China’s central bank targets global yuan in first solo 5-year plan in at least a decade

Name: FULL EVENT: China’s NPC economic outlook press conference
Uploaded: 2026-08-11T08:00:08.000Z
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The strategy signals Beijing’s push to build a ‘strong central bank’ capable of driving its financial powerhouse ambitions, analyst says

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Beijing’s push for yuan internationalisation is seen as crucial to reducing dependence on US dollar-denominated channels. Photo: Getty Images

Sylvia Main Shanghai

Published: 4:00pm, 11 Aug 2026Updated: 4:16pm, 11 Aug 2026

China’s central bank has set out its strategic priorities for the coming five years in a stand-alone plan, placing yuan internationalisation high on the agenda as Beijing seeks to build the country into a major “financial powerhouse”.

The People’s Bank of China outlined its broad goals for the 15th five-year plan period under a new reform and development blueprint, which would be accompanied by nine specific action plans, in a statement released on Monday. According to the document, one of the focuses would be advancing the global use of the yuan by expanding the currency’s role in international trade, investment and financing, as well as developing offshore yuan markets.

The PBOC also stated that it aimed to strengthen the cross-border yuan payment system, making it more “multi-tiered and broad-based”. This aligns with Beijing’s push in recent years to promote yuan internationalisation and develop alternative payment infrastructure amid concerns about reliance on the US dollar-based global financial system.

These diversification efforts have gained momentum recently alongside growth in the booming panda bond market – yuan-denominated debt issued by foreign entities in the domestic market – described by investment bank Goldman Sachs as a “historic opportunity”.

Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered, said stand-alone five-year plans, issued by the central bank itself, were relatively uncommon in the past.

“The current move could be linked to the emphasis on building a ‘strong central bank’ in China’s vision of becoming a financial powerhouse,” he said.

FULL EVENT: China’s NPC economic outlook press conference

China’s central bank targets global yuan in first solo 5-year plan in at least a decade

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The strategy signals Beijing’s push to build a ‘strong central bank’ capable of driving its financial powerhouse ambitions, analyst says

The strategy signals Beijing’s push to build a ‘strong central bank’ capable of driving its financial powerhouse ambitions, analyst says