China Macro Tracker: Financial opening-up

Research evidence excerpt

China Macro Tracker: Financial opening-up

24 June 2026

China Macro Tracker EconomicsChina

Financial opening-up

◆ The Lujiazui Forum focused on RMB internationalisation, Erin Xin

Senior Economist, Greater China

further opening-up, and enhancing the monetary toolkit The Hongkong and Shanghai Banking Corporation Limited

erin.y.xin@hsbc.com.hk

◆ China unveiled an action plan to better utilise foreign +852 2996 6975

investment, increase market access, and encourage R&D TaylorEconomist,WangChina

The Hongkong and Shanghai Banking Corporation Limited

◆ Muted consumption during the Dragon Boat festival and taylor.t.l.wang@hsbc.com.hk +852 2288 8650

“6.18”, fiscal spending slowed in May, and SLGB needs a lift Jing Liu

Chief Economist, Greater China

Lujiazui Forum: RMB internationalisation and monetary reforms in focus jing.econ.liu@hsbc.com.hk

+852 3941 0063

The 2026 Lujiazui Financial Forum was held on 17-18 June, with China’s top financial

Heidi Li

regulators (including leaders from the PBOC, NFRA, CSRC and SAFE) participating. Associate

The commitment to high-level opening-up, capital market reforms, and monetary Guangzhou

policy reform was evident in their speeches, while a slew of measures was also

unveiled (see Table 1).

The Forum sent a clear signal of support for high-level financial opening-up.

Authorities will pilot offshore financial activities, covering areas such as offshore trade

finance, free trade zone offshore bonds, and offshore reinsurance. Offshore FX

trading in the Shanghai FTZ by six large domestic commercial banks and a new RMB

Repo Facility for central banks were also introduced (Foreign and International

Monetary Authorities (FIMA) RMB Repo). The moves could support liquidity and