in china. with the financial sector opening up wider and wider, the shanghaihong kong stock connect, the shanghai gold exchange international board, the bond connect and crude oil futures have been introduced successively ; the interbank bond market, foreign exchange market and money market have been opening up with quickened pace ; and pilot programs, such as overseas rmb investment and lending funds and cross - border exchangetraded funds ( etfs ), have been launched successfully. shanghai has become one of the cities in the world where financial products and business categories are most diversified and concentrated. 4. financial reform and innovation have been pushed forward in an all - round way, with financial business innovation increasingly gaining momentum. shanghai has pioneered many fundamental measures in the reform and opening - up of the financial sector. among others, a series of pilot financial reform measures taken in the shanghai pilot free trade zone have been replicated and applied nationwide. second, the people ’ s bank of china ( pbc ) will implement resolutely the decisions and 1 / 4 bis central bankers'speeches arrangements of the communist party of china ( cpc ) central committee and the state council to strongly support shanghai accelerating the international financial center development. in january 2019, to fully implement the important instructions that general secretary xi jinping had given during his inspection of shanghai last november, with the approval of the state council, the pbc issued in collaboration with eight ministries the action plan for shanghai international financial center development ( 2018 – 2020 ), which sets forth key tasks and the roadmap for the undertaking. going forward, the pbc will wholly support shanghai ’ s endeavor to complete the three major tasks entrusted by the cpc central committee in the new era. the priorities are as follows. 1. we will support the establishment of an integrated rmb and foreign currency account system in the new area of the shanghai pilot free trade zone, and put into place a more convenient system for the administration of cross - border funds. 2. we will continue to improve the interbank foreign exchange market and bond market, broaden the spectrum of foreign exchange options products, expand market participants, and support the development of “ silk road ” themed bonds. 3. we will support the cooperation between the shanghai gold exchange ( sge ) and the chicago mercantile exchange ( cme ), and the launch of derivatives based on the shanghai gold benchmark price on the cme. 4. we will support the establishment of representative offices by international financial organizations, and the establishment of subsidiaries

yi gang : welcome address – 11th lujiazui forum welcome address by mr yi gang, governor of the people's bank of china, at the 11th lujiazui forum, shanghai, 14 june 2019. * * * honorable vice premier liu he, secretary li qiang, mr. zhou xiaochuan, ladies and gentlemen, vice premier liu he has just elaborated in his speech on the triangular framework in the economy made up of supply, demand and the financial system. he has underscored the importance of following market - oriented and law - based reform approaches and drawing on international practice to promote the healthy development of the stock market, particularly the star market. also he has put forward requirements on accelerating the development of shanghai as an international financial center, which are highly instructive as to what we should do in the financial field to provide support. next, in line with the theme for this forum “ accelerating the international financial center development and promoting high quality economic growth ”, i want to give my opinions from the following three aspects. first, impressive progress has been achieved in the development of shanghai as an international financial center. 1. the financial market system has been undergoing improvement, featuring more of the essential factors. so far, there have been all types of major financial markets in shanghai, such as the stock market, the bond market, the money market, the foreign exchange market, the commercial paper market, the futures market, the gold market and the insurance market, with trading volumes in quite a number of varieties ranking high globally. 2. the system of financial institutions has further grown so that the influence of shanghai as a financial center has risen significantly. in recent years, as a host of important financial institutions or organizations have come to be based in shanghai, such as the brics new development bank, the global association of central counterparties ( ccp12 ), the cross - border interbank payment system ( cips ), the china insurance investment fund, and the national internet finance association of china, the radiant effect and influence of shanghai ’ s financial industry have been enhanced remarkably. as shown by the latest two editions of the global financial centres index ( gfci ) released by z / yen, a british think - tank, shanghai ranks fifth among the world ’ s financial hubs. 3. the progressive opening - up of the financial sector has contributed significantly to the city ’ s international competitiveness. shanghai has become home to a large number of foreign - funded financial institutions