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Pan Gongsheng

Latest news and updates on Pan Gongsheng, the current Governor of the People’s Bank of China, a pivotal role he assumed in July 2023, also serving as the PBOC’s Communist Party Secretary. An experienced central banker, he previously held senior positions at state-owned banks and was Deputy Governor of the PBOC and Director of the State Administration of Foreign Exchange. Educated at Renmin University, Cambridge, and Harvard, he is known for driving banking and exchange rate reforms. His responsibilities include managing China’s financial stability, addressing economic challenges, and advancing the internationalisation of the yuan, notably through the mBridge project and establishing a digital yuan international operations centre.

The US-Israel war on Iran has resulted in international capital flowing to Hong Kong as China is considered a stable and certain option. Photo: SCMP

China trade

International capital flowing to China as investors seek certainty amid Iran war

Conflict in the Middle East and growing global turbulence following US-Israeli strikes against Iran has seen foreign investors look to China.

22 Mar 2026 - 4:24PMvideocam

Banking & finance

China’s central bank pledges stability in capital markets amid global sell-off

19 Mar 2026 - 9:30PM

Two Sessions 2026

China pledges full support for tech sector with broad range of new policies

6 Mar 2026 - 9:05PMvideocam

Yuan

Beijing vows yuan stability, fires back at currency-depreciation claims

PBOC governor reaffirms yuan stability, refuting trade partners’ accusations ahead of critical US talks in Paris.

6 Mar 2026 - 8:00PMvideocam

A woman walks by an exchange shop decorated with banknotes. There has been mounting pressure from China’s trade partners to allow the yuan to strengthen. Photo: Felix Wong

Two Sessions 2026

8 takeaways from the economic briefing at China’s ‘two sessions’

China’s top economic officials laid out their priorities for trade, technology and investment in 2026.

6 Mar 2026 - 6:57PMvideocam

China trade

UK, China boost financial ties, deepen London’s role as offshore yuan hub

New pact designates a new yuan clearing bank, boosts cross-listings and expands green finance, accelerating the international use of China’s currency.

6 Feb 2026 - 10:43PMvideocam

Yuan

US presses China to let yuan strengthen – but avoids controversial label

Washington says it could still designate Beijing in future if evidence found that it limits currency’s strength.

30 Jan 2026 - 3:01PM

Yuan

China lets yuan break through 7 per US dollar mark as dollar jitters grow

China’s central bank set the yuan fixing rate at under 7 per US dollar for the first time since mid-2023 as concerns over dollar assets mount.

23 Jan 2026 - 1:19PMvideocam

Hong Kong stock market

Hong Kong stocks rise to 1-week high on China easing hope, US data

Hang Seng Index pares loss for the week after governor of China’s central bank signals more room for policy loosening.

23 Jan 2026 - 4:29PM

Banking & finance

China to hide bad debt records for pandemic-hit borrowers who repay small loans

New policy by the People’s Bank of China applies to one-off debts up to 10,000 yuan incurred since 2020, aiming to help people rebuild credit.

22 Dec 2025 - 9:00PMvideocam

The People’s Bank of China has unveiled a credit-rehabilitation policy to help individuals who defaulted on small loans rebuild their financial standing. Photo: Reuters

China's economic recovery

Beijing digs in for trade ‘struggles’, eyes strategy of growth and resilience

Analysts see leadership’s language after central economic work conference as an admission that trade tensions are expected to endure.

12 Dec 2025 - 10:00PMvideocam

President Xi Jinping (centre) speaks at the annual central economic work conference in Beijing on Thursday. Photo: Xinhua

Banking & finance

China’s risky shadow banks back in spotlight after debt crackdown

Entities owned by local governments are borrowing billions from trust companies and leasing firms at rates of 8 per cent or higher, sources say.

5 Dec 2025 - 3:03PM

China trade

‘Strong breakwaters’: China’s central bank vows to shield from external shocks

Governor Pan Gongsheng says policy must prioritise the domestic economy, warning against ‘excessive policy swings’ that could undermine long-term stability.

4 Dec 2025 - 8:00PM

Cryptocurrency

Uptick in China’s bitcoin mining prompts debate on tapping energy surplus

China’s oversupply rate of solar energy in some regions has exceeded 10 per cent while that of wind energy has reached up to 15 per cent.

30 Nov 2025 - 10:00AM

China’s bitcoin mining market share by hash rate rose from 13.75 per cent in the first quarter of 2025 to 14.06 per cent in the current quarter. Photo: Shutterstock Images

China economy

Opinion | China needs high-quality financial development to support its five-year goals

Inclusive and green finance that is risk-resilient and supportive of innovation and technology must be the foundation of the new Chinese development model.

8 Nov 2025 - 5:30AMvideocam

People enjoy themself on the Bund near the financial district of Pudong, in Shanghai, China, on September 27, 2024. Photo: Reuters

Yuan

China’s yuan added to aviation settlements in boost to internationalisation

The International Air Transport Association is adding the yuan to the basket of currencies available for payments through its clearing house.

6 Nov 2025 - 4:32PM

Blockchain

Solana event cut short as China’s stablecoin warning sparks unease

While organisers attribute the disruption to overcapacity, some industry players fear a renewed crackdown on cryptocurrencies.

30 Oct 2025 - 8:18AM

Ant Group

Ant Group seeks ‘Antcoin’ trademark in Hong Kong as city embraces crypto

The Antcoin trademark filing has drawn attention, as Hong Kong’s digital asset development comes under scrutiny from Beijing.

28 Oct 2025 - 8:32PM

The Ant Group booth at the China International Fair for Trade in Services in Beijing, September 10, 2025. Photo: Reuters

Banking & finance

China doubles down on crypto crackdown as central bank vows to expand digital yuan

PBOC chief Pan Gongsheng warns of stablecoin risks, pledges wider e-CNY use and tighter oversight of virtual currencies.

28 Oct 2025 - 3:36AM

US-China trade war

China eyes currency swap with Japan and South Korea amid trade tensions: source

Beijing seeks to strengthen regional financial ties and boost yuan use as US trade pressures weigh on East Asian economies.

22 Oct 2025 - 10:37AMvideocam

China stock market

China’s state buyers buttress stock run with US$553 billion in holdings

With larger holdings than all foreign investors combined, the ‘national team’ led by Central Huijin has upped its buying of ETFs this year.

25 Sep 2025 - 7:47PM

Children play next to a bull sculpture on The Bund in Shanghai on April 9, 2025. Photo: AFP

China debt

In China, Ray Dalio discusses global debt issues as Beijing seeks his counsel

With local-level debt still posing risks in China, while US borrowing accelerates, Beijing turns to the Wall Street veteran for guidance while navigating precarious financial waters.

24 Sep 2025 - 7:00PMvideocam

Billionaire global macro investor Ray Dalio, seen here in May 2024, spoke this week with top Chinese officials in Beijing. Photo: Reuters

IPO

Chery Auto IPO shows China confidence withstands economic clouds

Demand for shares of China’s largest auto exporter shows that investors are undeterred by risks hovering over the nation’s economy.

23 Sep 2025 - 5:00PM

Banking & finance

China expands ‘circle of friends’ as overseas investors boost domestic assets

With foreign capital helping to add US$3 trillion in value to Chinese equities in 2025, head of central bank affirms ‘self-determined’ monetary policy.

22 Sep 2025 - 7:00PMvideocam

Banking & finance

In rare move, mainland China court sells seized blockchain tokens overseas

The move comes amid debate about whether mainland China should follow Hong Kong’s footsteps and embrace stablecoins.

17 Sep 2025 - 9:00PMvideocam

[Shutterstock] Stock Illustration ID: 2195814993
Court gavel and golden bitcoins on the flag of China. 3D Illustration of the concept of blocking foreign crypto exchanges lacking permit. Shutterstock Images

Banking & finance

361 Degrees pioneers stablecoin payments in overseas businesses

The sportswear brand plans to use fiat-pegged stablecoins for cross-border payments.

15 Sep 2025 - 1:14PM

Shutterstock Stock Illustration ID: 2548670377 - Usd Coin Usdc isolated cryptocurrency coin stacks on soft blue background. Design suitable for illustrating stablecoin and blockchain concepts. High quality 3D rendering.

Yuan

China eyes honing its bond issuance mechanism to boost yuan’s global role

Beijing aims to increase the use of its currency overseas as trading in US dollar assets becomes increasingly volatile.

4 Sep 2025 - 7:00PM

China digital currency

China weighs stablecoin risks against global yuan dreams

Policymakers have to balance the potential market risks stemming from a yuan stablecoin against China’s desire to internationalise the yuan and pare reliance on the dollar.

1 Sep 2025 - 3:18PM

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Pan Gongsheng

International capital flowing to China as investors seek certainty amid Iran war

Conflict in the Middle East and growing global turbulence following US-Israeli strikes against Iran has seen foreign investors look to China.

China’s central bank pledges stability in capital markets amid global sell-off

China pledges full support for tech sector with broad range of new policies

Beijing vows yuan stability, fires back at currency-depreciation claims

PBOC governor reaffirms yuan stability, refuting trade partners’ accusations ahead of critical US talks in Paris.

8 takeaways from the economic briefing at China’s ‘two sessions’

China’s top economic officials laid out their priorities for trade, technology and investment in 2026.

UK, China boost financial ties, deepen London’s role as offshore yuan hub

New pact designates a new yuan clearing bank, boosts cross-listings and expands green finance, accelerating the international use of China’s currency.

US presses China to let yuan strengthen – but avoids controversial label

Washington says it could still designate Beijing in future if evidence found that it limits currency’s strength.

China lets yuan break through 7 per US dollar mark as dollar jitters grow

China’s central bank set the yuan fixing rate at under 7 per US dollar for the first time since mid-2023 as concerns over dollar assets mount.

Hong Kong stocks rise to 1-week high on China easing hope, US data

Hang Seng Index pares loss for the week after governor of China’s central bank signals more room for policy loosening.

China to hide bad debt records for pandemic-hit borrowers who repay small loans

New policy by the People’s Bank of China applies to one-off debts up to 10,000 yuan incurred since 2020, aiming to help people rebuild credit.

Beijing digs in for trade ‘struggles’, eyes strategy of growth and resilience

Analysts see leadership’s language after central economic work conference as an admission that trade tensions are expected to endure.

China’s risky shadow banks back in spotlight after debt crackdown

Entities owned by local governments are borrowing billions from trust companies and leasing firms at rates of 8 per cent or higher, sources say.

‘Strong breakwaters’: China’s central bank vows to shield from external shocks

Governor Pan Gongsheng says policy must prioritise the domestic economy, warning against ‘excessive policy swings’ that could undermine long-term stability.

Uptick in China’s bitcoin mining prompts debate on tapping energy surplus

China’s oversupply rate of solar energy in some regions has exceeded 10 per cent while that of wind energy has reached up to 15 per cent.

.css-1pcrwvc{color:#2aa191;}Opinion | China needs high-quality financial development to support its five-year goals

Inclusive and green finance that is risk-resilient and supportive of innovation and technology must be the foundation of the new Chinese development model.

China’s yuan added to aviation settlements in boost to internationalisation

The International Air Transport Association is adding the yuan to the basket of currencies available for payments through its clearing house.

Solana event cut short as China’s stablecoin warning sparks unease

While organisers attribute the disruption to overcapacity, some industry players fear a renewed crackdown on cryptocurrencies.

Ant Group seeks ‘Antcoin’ trademark in Hong Kong as city embraces crypto

The Antcoin trademark filing has drawn attention, as Hong Kong’s digital asset development comes under scrutiny from Beijing.

China doubles down on crypto crackdown as central bank vows to expand digital yuan

PBOC chief Pan Gongsheng warns of stablecoin risks, pledges wider e-CNY use and tighter oversight of virtual currencies.

China eyes currency swap with Japan and South Korea amid trade tensions: source

Beijing seeks to strengthen regional financial ties and boost yuan use as US trade pressures weigh on East Asian economies.

China’s state buyers buttress stock run with US$553 billion in holdings

With larger holdings than all foreign investors combined, the ‘national team’ led by Central Huijin has upped its buying of ETFs this year.

In China, Ray Dalio discusses global debt issues as Beijing seeks his counsel

With local-level debt still posing risks in China, while US borrowing accelerates, Beijing turns to the Wall Street veteran for guidance while navigating precarious financial waters.

Chery Auto IPO shows China confidence withstands economic clouds

Demand for shares of China’s largest auto exporter shows that investors are undeterred by risks hovering over the nation’s economy.

China expands ‘circle of friends’ as overseas investors boost domestic assets

With foreign capital helping to add US$3 trillion in value to Chinese equities in 2025, head of central bank affirms ‘self-determined’ monetary policy.

In rare move, mainland China court sells seized blockchain tokens overseas

The move comes amid debate about whether mainland China should follow Hong Kong’s footsteps and embrace stablecoins.

361 Degrees pioneers stablecoin payments in overseas businesses

The sportswear brand plans to use fiat-pegged stablecoins for cross-border payments.

China eyes honing its bond issuance mechanism to boost yuan’s global role

Beijing aims to increase the use of its currency overseas as trading in US dollar assets becomes increasingly volatile.

China weighs stablecoin risks against global yuan dreams

Policymakers have to balance the potential market risks stemming from a yuan stablecoin against China’s desire to internationalise the yuan and pare reliance on the dollar.

Opinion | China needs high-quality financial development to support its five-year goals