China Unveils 6-Step Yuan Push, Opens Shanghai Offshore Trading to Foreign Central Banks
Updated
Updated · South China Morning Post · Jun 17
China Unveils 6-Step Yuan Push, Opens Shanghai Offshore Trading to Foreign Central Banks
3 articles · Updated · South China Morning Post · Jun 17
Summary
Six Chinese lenders will be allowed to conduct offshore-yuan foreign-exchange trading in Shanghai’s Free Trade Zone under a new plan unveiled at the Lujiazui Forum.
The package also creates repurchase facilities for overseas central banks and monetary authorities, letting them use high-grade assets such as Chinese government bonds to manage yuan liquidity.
PBOC Governor Pan Gongsheng said the pilot is meant to make Shanghai a global center for yuan asset allocation and risk management while widening two-way market opening.
The move fits Beijing’s broader push to present China as a stable financial anchor during global volatility and to speed Shanghai’s rise into a full-fledged international financial hub.
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Shanghai’s 2026 Lujiazui Forum: Digital Yuan, Capital Market Reforms, and China’s Push for Global Financial Leadership
Overview
The 2026 Lujiazui Forum brings together financial leaders and policymakers to discuss critical issues shaping the future of finance, with a strong emphasis on China’s role in international financial governance and market development. A key highlight is PBOC Governor Pan Gongsheng’s announcement of China’s extensive development of a multi-channel, wide-coverage cross-border renminbi clearing network, built over more than a decade. The forum also features plans for an international operations centre for the digital yuan (e-CNY), reflecting China’s commitment to advancing financial innovation and strengthening its position in the global financial system.