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

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 centre and consolidating and enhancing Hong Kong's IFC status.