Pan Gongsheng: Currently, the People's Bank of China has signed bilateral currency swap agreements with central banks or monetary authorities in more than 30 countries and regions.

Today, Pan Gongsheng, the Governor of the People's Bank of China, stated at the 2025 Lujiazui Forum that before the financial crisis of 2008, the international community mainly relied on the global financial safety net led by the IMF for mid-crisis and post-crisis assistance. After the crisis, further strengthening of financial regulatory rules and other preventive mechanisms have been emphasized. On one hand, the multi-tiered financial safety net continues to improve. At the global level, in recent years, the IMF has continuously enhanced its crisis assistance capabilities, strengthened its policy supervision functions, and expanded its policy supervision scope. At the regional level, various funds such as the European Stability Fund, Latin American Reserve Fund, Asian Chiang Mai Initiative, and Arab Monetary Fund have been established successively, becoming important supports for financial stability in their respective regions. Bilaterally, major central banks of developed economies such as the Federal Reserve and the European Central Bank inject liquidity into the market through currency swap mechanisms during crises. Cooperation in local currency swaps among emerging markets is also steadily advancing. Currently, the People's Bank of China has signed bilateral local currency swap agreements with more than 30 countries and regions' central banks or monetary authorities, becoming an important component of the global financial safety net. On the other hand, the crisis prevention system based on regulatory rules continues to be improved. China has actively participated in the formulation and implementation of international financial regulatory standards, being one of the few economies to fully implement Basel III. It has established a framework for regulating systematically important financial institutions, and the total loss-absorbing capacity of China's systematically important banks has all met the standards. It has also established a deposit insurance system that provides full protection for over 99% of depositors and introduced and fully implemented new regulations on asset management, significantly reducing risks from shadow banking. We believe that constructing a diverse and efficient global financial safety net with a strong International Monetary Fund at its core, maintaining the consistency and authority of global financial regulatory rules, is the key path for crisis prevention and resolution, and is the direction that should continue to be adhered to.