The central bank: steadily and prudently promote the internationalization of the Renminbi, further expanding the use of the Renminbi in cross-border trade and investment.

The central bank releases the report on the implementation of China's monetary policy in the first quarter of 2025. It continues to enhance the functions of the bond market and the ability to serve the real economy. Innovative launch of a "technology board" in the bond market, supporting three types of entities - financial institutions, technology-based enterprises, and private equity investment institutions - to issue technology innovation bonds. Improve the legal system of the bond market and promote the construction of the corporate bond legal system. Accelerate the development of a multi-level bond market, continue to expand and regulate the over-the-counter bond business. Establish a sound mechanism for cooperation between market makers and primary dealers in the interbank market, promote the standardized development of underwriting, valuation, market-making, and other businesses, enhance the pricing function, activity, and stability of the bond market. Prudently promote the internationalization of the renminbi, further expand the use of the renminbi in cross-border trade and investment, deepen foreign currency cooperation, and develop the offshore renminbi market. Carry out high-level opening-up trials for cross-border trade and investment, improve the level of liberalization and facilitation of cross-border trade and investment, steadily promote the convertibility of the renminbi capital account.