China has made remarkable¹ progress in opening up its financial sector² and will continue to expand opening-up of the sector, the central bank said.

 

中国人民银行表示，中国在开放金融业方面已取得重大进展并将继续扩大对外开放。

 

In expanding financial-sector opening-up, the country will adopt an approach of pre-establishment national treatment with a negative list, and pursue coordinated³ progress in financial opening-up, the reform in exchange rate formation mechanism⁴ and the process of advancing capital account convertibility⁵, the People's Bank of China said in an article posted on its website.

 

The country will also pay close attention to financial risk control, and make sure that the country's financial oversight⁶ and regulatory capabilities⁷ are in line with the level of opening up, according to the statement.

 

As the country enters a new era of development, further opening up its financial sector is a path the country must follow to integrate into the global economy, the central bank said.

 

From a domestic perspective, as the economy is transitioning from high-speed growth to high-quality development, expanding financial opening-up will help build a diversified⁸ financial system, promote financial reform and better serve the real economy, it said.

 

It noted⁹ the country's opening up of its financial sector had drawn¹⁰ a positive market response.

 

As of the end of March, overseas investors¹¹ bought a net of 1.77 trillion yuan (about 260.3 billion U.S. dollars) of bonds at the country's interbank bond market, up 31 percent from a year earlier, and held 5.4 trillion yuan of yuan-denominated financial assets, up 19 percent year on year, according to the central bank.

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