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 centre in Shanghai is a priority to raise the city’s international financial centre standing and broaden 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 us

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 centre in Shanghai is a priority to raise the city’s international financial centre standing and broaden 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 financial infrastructure will further boost Shanghai’s asset-management competitiveness. Authorities will press ahead with policy implementation to deepen financial opening, steadily expand market interconnectivity, and optimise cross-border financial services to enhance the global appeal and pricing power of RMB assets.