Core Viewpoint - The speech emphasizes the need for reform in global financial governance, focusing on the international monetary system, cross-border payment systems, global financial stability, and the governance of international financial organizations [3][4]. Group 1: International Monetary System - The evolution of the international monetary system reflects significant changes in global dynamics and national competitiveness, with historical shifts in dominant currencies from the Dutch Guilder to the British Pound and currently the US Dollar [4]. - The inherent instability of a single sovereign currency as a global public good can lead to conflicts of interest, financial risks, and geopolitical tensions [4][5]. - Discussions on reforming the monetary system are increasingly driven by geopolitical factors, with two main directions: reducing reliance on a single currency and considering a super-sovereign currency like the IMF's Special Drawing Rights (SDR) [5][6]. Group 2: Cross-Border Payment System - The cross-border payment system is crucial for international trade and financial stability, facing challenges such as inefficiency, high costs, and the need for better international cooperation [8][9]. - There is a trend towards diversification in the cross-border payment system, with more countries using local currencies for settlements and new payment systems emerging [9][10]. - The application of new technologies like blockchain is reshaping the traditional payment system, enhancing efficiency while posing regulatory challenges [10]. Group 3: Global Financial Stability System - Post-2008 financial crisis, the global financial safety net has been strengthened through enhanced IMF capabilities and regional financial mechanisms [11][12]. - The regulatory framework has been improved, but challenges remain, including fragmented regulations and insufficient oversight of non-bank intermediaries [14][15]. - A robust international financial safety net centered around the IMF is essential for crisis prevention and resolution [15]. Group 4: Governance of International Financial Organizations - The governance of international financial organizations like the IMF and World Bank needs reform to better reflect the economic realities of emerging markets and developing countries [15][16]. - Adjusting the quota shares in the IMF is critical for enhancing its legitimacy and representation [16]. - Strengthening the economic oversight functions of international financial organizations is necessary to maintain stability in the global financial system [16].

Core Insights - The People's Bank of China (PBOC) has emphasized the growing international status of the Renminbi, which has become the second-largest trade financing currency globally and the third-largest payment currency according to all-caliber calculations [1][8] - The PBOC is committed to a supportive monetary policy stance, implementing various measures to support economic recovery and financial market stability [1][6] - The international monetary system is evolving towards a scenario where a few sovereign currencies coexist, compete, and balance each other [1][8] International Monetary System - Historical shifts in the international monetary system reflect deep changes in global dynamics and national competitiveness, with the Renminbi's rise being notable since the 2008 financial crisis [7][8] - The discussion around the international monetary system is increasingly influenced by geopolitical factors, with a focus on reducing reliance on a single sovereign currency [8][9] - The potential for a super-sovereign currency, such as the IMF's Special Drawing Rights (SDR), is being explored as a means to enhance global liquidity and crisis response capabilities [9][10] Cross-Border Payment System - The cross-border payment system is diversifying, with more countries using local currencies for settlements, moving away from a single sovereign currency dominance [12] - New payment infrastructures and systems are emerging, enhancing the efficiency and security of cross-border transactions [12] - China has established a comprehensive cross-border payment clearing network for the Renminbi, facilitating international trade and investment [12] Global Financial Stability System - The global financial stability framework has been strengthened post-2008, with a focus on enhancing crisis response mechanisms and regulatory frameworks [13][14] - The international community is addressing challenges such as fragmented regulatory frameworks and the need for better oversight of non-bank financial intermediaries [16] - Strengthening the IMF's role as a core institution in global financial governance is crucial for maintaining stability and coherence in regulatory standards [18] Governance of International Financial Organizations - The governance structures of international financial organizations like the IMF and World Bank need reform to better reflect the economic realities of emerging markets and developing countries [17][18] - Enhancing the representation and voice of these countries in global financial governance is essential for promoting true multilateralism [17][19] - The IMF's quota system requires adjustment to align with the current global economic landscape, ensuring its legitimacy and effectiveness in crisis management [18]