China's central bank will take further steps to facilitate cross-border financial services for multinational companies, according to a senior official at the national financial authority on Monday.
At a press conference in Beijing, Wang Xin, head of the Research Bureau of the People's Bank of China (PBOC), announced that the bank will work to improve cross-border settlement efficiency and support national-level financial pilot projects, including fintech innovations for capital markets.
Additionally, as part of its efforts, the PBOC will strengthen ties with international financial organizations and institutions, attracting more overseas insurance companies, sovereign wealth funds, pension funds, environmental, social, and governance (ESG) funds, and other entities to provide investment, financing, and technical services for green projects, according to Wang.
"The PBOC will enhance financial support for coordinated regional development. For example, a New International Land-Sea Trade Corridor Fund will be established in Chongqing to help set up a financial services center for the corridor in the municipality. The digital RMB pilot initiative will also be launched in Chongqing under the China-Singapore Strategic Connectivity Demonstration Project. Additionally, a collaboration mechanism for credit information sharing will be established with Singaporean financial institutions, along with a cross-border credit reporting platform," said Wang.
China's central bank to strengthen support for cross-border financial services
Brazilian President Luiz Inacio Lula da Silva met with visiting Chinese Foreign Minister Wang Yi in Brasilia on Wednesday, expressing the willingness to strengthen bilateral ties and expand cooperation.
Lula said that Brazil and China have built strong mutual trust and deepened cooperation across various fields, showing that Brazil's steadfast friendship with China is the right choice and a model for South-South cooperation.
He said that he looks forward to maintaining close high-level exchanges with China, further strengthening economic and trade ties, and expanding the mutually beneficial cooperation in finance, energy and other fields.
China's firm and forceful countermeasures against the "reciprocal tariffs" is admirable, said the Brazilian president, noting that China's just actions have received widespread support while certain country's irresponsible and unilateral practices warrant joint resistance.
Brazil is willing to work with China to advocate free trade, defend international rules, and counter any power overriding international justice, the president added.
Wang, who is also a member of the Political Bureau of the Communist Party of China Central Committee, said that China is willing to work with Brazil to implement the important consensus reached by the two heads of state and push for more outcomes in building a China-Brazil community with a shared future.
China will strengthen its cooperation with BRICS and Global South countries, adhere to multilateralism and safeguard international rules, he said.
On the same day, Wang attended the 15th Meeting of BRICS National Security Advisers and High Representatives on National Security in Brasilia.
Brazilian president meets Chinese FM on closer ties, cooperation
