Pan Gongsheng, President of the People's Bank of China, said at the 2025 Lujiazui Forum today that in theory, SDR can better overcome the inherent problems of a single sovereign currency as an international dominant currency, and has stronger stability. It can better assume the function of global public goods, regulate global liquidity and implement crisis relief, and has the characteristics of becoming a super sovereign international currency. At the operational level, it is necessary to optimize the mechanism arrangement and gradually expand the use of SDR. In terms of allocation and issuance mechanism, the IMF currently allocates SDRs mainly for crisis response, often adopting a one-time large-scale issuance approach. In the future, regular SDR issuance can be increased and the issuance scale can be expanded.
In recent years, the problems faced by traditional cross-border payment systems have gradually become prominent. The global call for improving the cross-border payment system is constantly rising, with emerging payment infrastructure and settlement methods emerging, driving the global cross-border payment system towards a more efficient, secure, inclusive, and diverse direction. This trend will continue to strengthen in the future. After more than ten years of construction and development, China has initially established a multi-channel and widely covered RMB cross-border payment settlement network.
