Ge Qing, director of the macroprudential management department at the PBOC’s
Shanghai headquarters, said at a press briefing that building a global asset
management center in Shanghai is a priority to raise the city’s international
financial center standing and broadening practical uses for the renminbi. A mature,
open asset management market will attract global capital into onshore RMB assets
and strengthen the renminbi’s pricing, investment and reserve functions. He said
expanding cross-border use cases and improving cross-border finance
infrastructure will further boost Shanghai’s asset-management competitiveness.
Authorities will press ahead with policy implementation to deepen financial
opening, steadily expanding market interconnectivity, and optimizing cross-border
financial services to enhance the global appeal and pricing power of RMB assets.
