BOC Chairman Highlights RMB's Role as Prime Reserve Currency for Economies

At the 2026 APEC Business Leaders China Forum held in Beijing on June 21, the Chairman of Bank Of China Limited emphasized that the key to achieving interconnected development in the Asia-Pacific region lies in advancing the integration of financial infrastructure.

He noted that the traditional single-channel model for cross-border services is no longer adequate for regional cooperation needs. It is essential to continuously dismantle barriers in financial infrastructure such as clearing, settlement, and payment systems, and to establish more direct bilateral connectivity channels.

Focus on Comprehensive Coordination

The Chairman stressed that financial cooperation in the Asia-Pacific for the new era requires strengthened all-around coordination. Financial services should not be confined to basic functions like traditional fund financing and settlement exchanges. Instead, they must build bridges for cooperation between the financial and non-financial sectors.

Financial institutions in various countries, having deep roots in their local markets, are familiar with the local business environment, industrial ecosystems, and corporate development landscapes. This grants them a natural advantage in providing coordinated services.

Financial institutions should proactively extend their service boundaries. Using finance as a link, they can mobilize various resources to help cross-border operating entities solve non-financial challenges in their business development, thereby using financial coordination to empower deep cooperation and shared growth among multiple economies.

RMB's Growing Significance

He stated that amidst the profound adjustments in the global economic landscape, the monetary and allocation value of the Renminbi (RMB) continues to become more prominent. It represents a high-quality choice for various economies as a reserve currency and for entrepreneurs engaged in cross-border trade, investment, and fund settlement.

Currently, allocating RMB-denominated assets and using RMB for cross-border business has become a crucial opportunity for market participants to seize the benefits of openness and achieve stable development.