Since this year, important progress has been made in the opening up of the financial industry. Fitch has become the second international rating company to enter the Chinese market after S & P. several foreign financial institutions such as Goldman Sachs and Morgan Stanley have realized the control of their joint venture securities companies in China. The joint venture established by American Express in China has obtained the bank card clearing business license, and there is a clear timetable for Chinas treasury bonds to be included in the FTSE world Treasury Bond Index
Novel coronavirus pneumonia has not disrupted the pace of opening up Chinas financial markets. Liu Guiping said that in the next step, the peoples Bank of China will continue to actively and steadily promote the independent opening up of the financial industry in conjunction with relevant departments. We will promote the systematic and institutionalized opening up of the financial industry, and provide better financial services for all kinds of market entities participating in the domestic and international dual cycle. We will promote the opening up of financial markets and the interconnection of infrastructure, and further facilitate foreign investors to use RMB to invest in domestic bonds and stocks. We will steadily and prudently promote the internationalization of the RMB and enhance its attractiveness in foreign trade, investment and financing, and financial market transactions.
In addition, Liu Guiping said that the peoples Bank of China will work with relevant departments to continuously improve the risk prevention and control system suitable for the comprehensive opening up. We should guard against systemic risks of cross-border capital flows, strengthen cross-border supervision and disposal cooperation, and prevent cross-border regulatory arbitrage and risk transmission.