People's Bank of China Releases 14th Five-Year Plan to Steadily Develop Digital Renminbi

The People's Bank of China has issued the "14th Five-Year Plan for Reform and Development" and formulated nine action plans for specific sectors. The plan proposes optimizing financial infrastructure and the central bank's service system, improving financial statistics, payment, treasury, and cash service systems, steadily developing the digital renminbi, promoting high-quality development of the credit reporting industry, and strengthening anti-money laundering supervision. In terms of financial openness, the plan calls for advancing the internationalization of the renminbi, expanding its use in international trade and investment financing, deepening the two-way opening of financial markets, promoting the development of the offshore renminbi market, improving a multi-level and widely covered cross-border payment system for the renminbi, accelerating the construction of the Shanghai International Financial Center, and consolidating and enhancing Hong Kong's status as an international financial center.