The PBOC issued its '15th Five-Year Reform and Development Plan', calling to
prudently advance high-level financial opening and promote RMB
internationalization by expanding RMB use in cross-border trade and investment.
The plan directs deeper two-way opening of financial markets, stronger
cross-border connectivity of financial infrastructure, development of offshore
RMB markets, and a multi-tier, broad-coverage RMB cross-border payments system.
It also tasks accelerating Shanghai's build-out as an international financial
center and consolidating and enhancing Hong Kong's IFC status.
