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

On February 6, 2026, the People’s Bank of China Shanghai Headquarters held the 2026 Shanghai Cross-Border Renminbi Business Work Conference. The meeting summarized the cross-border Renminbi business in Shanghai in 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. Leaders from foreign and domestic commercial banks in Shanghai, relevant financial infrastructure institutions, and related units participated in the meeting.

The meeting pointed out that in 2025, with joint efforts from all parties, Shanghai’s cross-border Renminbi business achieved both quantitative and qualitative growth, with the total cross-border Renminbi receipts and payments amounting to 32.4 trillion yuan, a year-on-year increase of 9%, continuing to maintain the top position nationwide. Progress was made in the use of Renminbi in key enterprises, key sectors, and key regions. Reform measures such as the comprehensive reform pilot of offshore trade financial services in the Lingang New Area and the upgrade of the Free Trade Account functions have been implemented effectively.

The meeting emphasized the need to deeply grasp the key points and requirements of the “14th Five-Year Plan” recommendations, closely focus on the construction of Shanghai’s “Five Centers,” gather efforts and work in the same direction, and use more enthusiastic, more effective measures, and more pragmatic work styles to improve Shanghai’s cross-border Renminbi financial services. This aims to promote high-quality financial development and support high-quality economic and social development in Shanghai.

First, adhere to the principle of prioritizing the domestic currency, continuously improve the facilitation level of cross-border Renminbi settlement, facilitate the use of Renminbi for various cross-border trade and investment settlements, and enhance the international functions of Renminbi in pricing, payments, investment and financing, and reserves.

Second, insist on serving the real economy, continuously enrich the supply of cross-border Renminbi financial products, improve the professionalism and refinement of financial services, better meet the market needs of operating entities in transaction settlement, investment and financing, and risk management, and actively support stable foreign trade and foreign investment.

Third, focus on reform and innovation, promote the expansion of the comprehensive reform pilot of offshore trade financial services in the Lingang New Area, support high-quality enterprises to participate in the upgrade of the Free Trade Account functions, and fully release the policy dividends of the pilot.

Fourth, prevent financial risks, strengthen compliance management, properly handle the relationship between development and security, innovation and compliance, improve the management capabilities and risk prevention of cross-border capital flows under opening-up conditions, and firmly guard against systemic financial risks.

Source: People’s Bank of China Shanghai Headquarters

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