Shanghai Headquarters of the Central Bank Discusses Deepening of Shanghai Global Asset Management Center Construction: Expanding Paths for Overseas Institutions to Invest in Domestic Renminbi Assets.

On June 2, Ge Qing, Director of the Macro Prudential Management Department of the Shanghai Headquarters of the People's Bank of China, said at a press conference that building a global asset management center is an important leverage for enhancing the level of Shanghai International Financial Center and also an important application scenario for the internationalization of the Renminbi. On the one hand, a mature and open asset management market can attract global capital to allocate Renminbi assets, continuously enhance the Renminbi's pricing, investment, and reserve functions, and consolidate the market foundation for the internationalization of the Renminbi. On the other hand, with the continuous enrichment of Renminbi cross-border usage scenarios and the continuous improvement of cross-border financial infrastructure, it can also further enhance the global attractiveness and competitiveness of the Shanghai asset management market. Ge Qing stated that in the next step, they will ensure the implementation of various policies, continuously deepen the opening-up of the financial sector, steadily expand the interconnection of financial markets, continuously optimize cross-border financial services, and further enhance the global attractiveness and pricing attractiveness of Renminbi assets.