MNI BRIEF: PBOC Wants SWIFT Improvements - Dep Gov Lu
MNI (BEIJING) - Beijing wants the SWIFT payment system to improve compliance and localised services while maintaining its importance in China, which will continue to embrace opening of its financial sector, said Lu Lei, deputy-governor of the People’s Bank of China, at the Sibos 2024 forum in Beijing on Monday.
The PBOC will support high quality Chinese firms to list and issue bonds on the overseas markets and encourage Chinese sovereign wealth funds and financial institutions to invest abroad, he added (See MNI INTERVIEW: China Yuan To Find Support in H2)
The central bank will further facilitate cross-border trade, investment and financing, support qualified banks from various countries to participate in the Cross-border Interbank Payment System (CIPS) to promote the yuan’s cross-border clearing and settlement to improve the currency's internationalisation, he added.