Accelerate the application of digital RMB and international cooperation

The seventh meeting of the 19th Central Financial and Economic Commission emphasized that it is necessary to "actively participate in the formulation of international rules such as digital currency and digital tax to create new competitive advantages". In recent years, the cross-border scenarios of the digital RMB pilot have further diversified and continued to expand, bringing more convenience to residents and enterprises at home and abroad.

Currency is naturally monopolistic. The issuance and circulation of digital currency, especially the central bank's legal digital currency, will profoundly change the existing international monetary system, clearing and settlement system and financial system. As a digital currency issued by the central bank, the digital RMB has legality, stability and anchoring, and has advantages such as solid credit endorsement, a large user base, solid user habits, and a leading theoretical framework.

Accelerating the layout of digital currency applications and international cooperation on digital RMB will help improve the operating efficiency of my country's payment system and financial system through financial technology innovation, better safeguard my country's economic and financial security, improve my country's financial regulatory strength, economic digital governance strength and international regulatory governance cooperation, and steadily and prudently promote the internationalization of the RMB.

In the era of globalization, digitalization and networking, China should actively participate in the formulation of international rules and standards in the field of digital currency, strengthen sharing, exchange and cooperation in research and development and supervision of various digital currencies, actively and steadily promote the promotion of digital RMB at home and abroad, promote the construction of global infrastructure related to digital currency, and continue to promote economic globalization in a more open, inclusive, equitable, balanced and win-win direction.