The People's Bank of China's Shanghai headquarters held a second-half work conference focusing on digital RMB applications, etc.

The People's Bank of China (PBOC) held its second-half work conference on August 19th, outlining tasks for accelerating financial reform and innovation. The conference called for steady advancement of digital RMB applications, deepening pilot programs for high-level cross-border trade opening, expanding cross-border RMB use, and piloting new background verification scenarios for offshore international trade. Furthermore, the conference will continue to optimize corporate exchange rate risk management services, promote financial initiatives to boost consumption, and strengthen financial risk prevention and control mechanisms. The conference emphasized the importance of leveraging technology to enhance the quality and effectiveness of financial stability and performance, providing strong support for accelerating the development of a strong financial nation and advancing Chinese-style modernization.