China will further open its financial markets, improve cross-border yuan payments, and support offshore yuan markets to expand the currency's international use during the 15th Five-Year Plan period (2026-2030), a central bank official said Thursday.

Lu Lei, deputy governor of the People's Bank of China, attends a press conference in Beijing, Sept. 10, 2026. [Photo by Xu Xiang/China SCIO]

Lu Lei, deputy governor of the People's Bank of China (PBC), told a State Council Information Office press conference in Beijing that the measures would respond to market demand and make it easier for businesses and institutions at home and abroad to hold and use the yuan.

Lu highlighted plans to strengthen international monetary and financial cooperation by expanding bilateral local currency settlement and extending the coverage of currency swap agreements. Overseas central banks are also encouraged to introduce standing policy tools that use yuan swap funds to facilitate trade and investment. The PBC currently has 33 bilateral local currency swap agreements in effect with overseas counterparts or monetary authorities, totaling 4.6 trillion yuan (US$685.7 billion).

To deepen financial market opening, China will align market rules more closely with international practices and improve its stock and bond connect programs. Efforts will also be made to accelerate Shanghai's development as a center for yuan asset allocation and risk management.

On payments, priorities include improving the functions and services of the Cross-Border Interbank Payment System, promoting cross-border connectivity for QR code payments, and expanding cross-border use of the digital yuan.

An aerial drone photo shows the cityscape of Shanghai, April 14, 2025. [Photo/Xinhua]

Maintaining ample and stable offshore yuan liquidity is another priority. China will regularly issue government bonds and central bank bills to expand the pool of high-grade yuan assets. Hong Kong's role as an offshore yuan hub will be strengthened, while markets in London, Singapore, and Dubai will receive support to develop their respective strengths.

Overseas entities currently hold more than 11 trillion yuan in onshore yuan-denominated financial assets, while central banks or monetary authorities in more than 80 countries and regions include the currency in their foreign exchange reserves, Lu said.