PANews reported on August 20th that the People's Bank of China (PBOC) held its second-half work conference on August 19th, deploying tasks to accelerate financial reform and innovation. The conference called for steadily advancing the application of the digital RMB, deepening pilot programs for high-level opening of cross-border trade, expanding the cross-border use of the RMB, and piloting a new application scenario for background verification in offshore international trade.

In addition, we 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 meeting emphasized the need to leverage technology to enhance the quality and effectiveness of financial stability and provide strong support for accelerating the development of a financial powerhouse and promoting Chinese-style modernization.