Group 1: International Monetary System - The international monetary system is evolving towards a multipolar structure, which can enhance the resilience of the system and maintain global economic stability [2][3] - Discussions on reforming the monetary system focus on reducing reliance on a single sovereign currency and exploring the use of a supranational currency, such as the IMF's Special Drawing Rights (SDR) [2][3] - SDR is seen as a potential solution to the inherent issues of a single sovereign currency, offering greater stability and the ability to better fulfill global public goods functions [3] Group 2: Cross-Border Payment System - The cross-border payment system is crucial for international trade and financial stability, but traditional systems face challenges such as inefficiency and high costs [4][5] - There is a growing trend towards diversification in the cross-border payment system, with more countries using local currencies for settlements and new payment systems emerging [4] - Emerging technologies like blockchain and distributed ledger technology are reshaping the payment landscape, enabling faster and more efficient cross-border transactions [5] Group 3: Global Financial Stability System - The global financial stability system has evolved post-2008 financial crisis, but it faces new challenges such as fragmented regulatory frameworks and insufficient oversight of emerging financial sectors [6][7] - There is a need for stronger international cooperation to prevent regulatory arbitrage and enhance the stability of the financial system [6] - Strengthening the IMF as a core institution for global financial safety is essential for crisis prevention and resolution [7] Group 4: Governance of International Financial Organizations - Calls for reform in international financial organizations are increasing, as current governance structures do not reflect the economic realities of emerging markets and developing countries [8] - Adjusting the voting rights and quotas in organizations like the IMF is crucial for enhancing the representation and voice of these countries [8] - The legitimacy and effectiveness of international financial organizations depend on their ability to adapt to the changing global economic landscape [8]

2025陆家嘴论坛于6月18日开幕。国家金融监督管理总局局长李云泽、证监会主席吴清、国家外汇局局长朱鹤新等金融管理部门负责人以及上海市人民政 府的领导在论坛上发表演讲，公布多个重磅举措。 关于全球金融治理的若干思考 ——中国人民银行行长潘功胜在2025 陆家嘴论坛上的主题演讲 尊敬的吉宁书记、中国人民银行原行长小川先生、龚正市长，尊敬的王江、云泽、吴清、海峰、鹤新同志，尊敬的各位来宾： 大家好！ 非常感谢上海市委、市政府特别是陈书记、龚市长对金融事业和人民银行的关心和支持，非常荣幸担任本届论坛的共同轮值主席。经过多年努力，陆家嘴 论坛已经成为具有很强国际影响力和市场传播力的交流平台。我代表人民银行，也代表主办方，向大家表示热烈的欢迎和衷心的感谢！ 在去年的陆家嘴论坛上，我报告了中国的货币政策立场和未来货币政策框架的演进。一年来，人民银行坚持支持性的货币政策立场，从数量、价格、结构 等方面，出台了多项货币政策措施，有效支持了经济持续回升向好和金融市场的稳定。同时，我们完善货币政策框架，优化货币政策中间变量，培育政策 利率，提升货币政策传导效率，丰富货币政策工具箱，做好政策沟通和预期引导。货币政策框架的转型是一个 ...

值得一提的是，在去年的陆家嘴论坛上，潘功胜介绍了中国的货币政策立场和未来货币政策 框架的演进。一年来，中国人民银行坚持支持性的货币政策立场，从数量、价格、结构等方 面，出台了多项货币政策措施，有效支持了经济持续回升向好和金融市场的稳定。 "同时，我们完善货币政策框架，优化货币政策中间变量，培育政策利率，提升货币政策传导 效率，丰富货币政策工具箱，做好政策沟通和预期引导。货币政策框架的转型是一个渐进、 持续的过程，未来我们还将不断地做好评估和完善。"潘功胜如是说。（详情→ 潘功胜：单一 主权货币主导跨境支付局面正在改变 ） 作 者丨唐婧 崔文静 杨坪 余纪昕 编 辑丨周炎炎 李新江 张伟贤 杨希 黎雨桐 6月18日，2025陆家嘴论坛在上海开幕，本届论坛以"全球经济变局中的金融开放合作与高质 量发展"为主题。中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴 清、国家外汇局局长朱鹤新出席会议并发表主题演讲，以下为要点汇总： 潘功胜：单一主权货币主导跨境支付局面正在改变 中国人民银行行长潘功胜宣布了设立银行间市场交易报告库、数字人民币国际运营中心、个 人征信机构等八项金融开放举措。 21视频（编辑柳 ...

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].

Group 1: International Monetary System - The discussion on reforming the international monetary system has two main directions: reducing reliance on a single sovereign currency and promoting a few strong sovereign currencies to create healthy competition [2] - The second direction involves the potential for a supranational currency, such as the IMF's Special Drawing Rights (SDR), to become the international dominant currency, though it faces political consensus challenges and limited market depth [3] Group 2: Cross-Border Payment System - There is a growing demand for improvements in the cross-border payment system, with emerging payment infrastructures and settlement methods driving it towards greater efficiency, security, inclusiveness, and diversity [4] - The cross-border payment system is diversifying, with more countries using local currencies for settlement, and new payment systems emerging alongside traditional models [4] - The interoperability of payment systems is improving, with countries extending operational hours and adopting international messaging standards to enhance efficiency and reduce costs [5] Group 3: Global Financial Stability System - The global financial stability system faces new challenges, including fragmented regulatory frameworks and insufficient oversight in emerging digital finance sectors [6] - A strong IMF is essential for building a diverse and efficient global financial safety net, maintaining consistency and authority in global financial regulatory rules [6] Group 4: Governance of International Financial Organizations - The IMF plays a central role in global economic governance, with its quota system determining crisis response capabilities and member voting rights [7] - Current IMF quotas do not reflect the relative positions of member countries in the global economy, and adjusting these quotas is crucial for enhancing the IMF's governance legitimacy and representation [8]

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]

Core Viewpoint - The evolution of the international monetary system reflects profound changes in the global landscape and national competitiveness, with increasing discussions on reforming the monetary system driven by geopolitical factors rather than solely economic ones [1][2]. Group 1: Historical Context and Current Trends - The international monetary system has evolved over the past 20 years, characterized by the emergence of the euro in 1999, which currently accounts for approximately 20% of global foreign exchange reserves, second only to the US dollar [2]. - The international status of the renminbi has steadily risen since the 2008 financial crisis, becoming the second-largest trade financing currency globally and the third-largest payment currency, as well as holding the third-largest weight in the IMF's Special Drawing Rights (SDR) basket [2]. Group 2: Future Directions of the International Monetary System - The future of the international monetary system may trend towards a coexistence of a few sovereign currencies that compete and balance each other, necessitating sovereign currency countries to enhance domestic fiscal discipline and financial regulation [2]. - The SDR is theoretically positioned to address the inherent issues of a single sovereign currency as the international dominant currency, offering greater stability and the ability to better serve global public goods, but it faces challenges in achieving international consensus and market depth [3]. Group 3: Mechanisms for SDR Utilization - There is a need to optimize the mechanisms for SDR distribution and issuance, with a proposal to increase regular SDR issuance and expand its scale, moving beyond the current practice of one-time large issuances primarily for crisis response [3]. - Encouraging private sector participation in the use of SDR in international trade and investment activities, including the issuance of SDR-denominated bonds, is essential to enhance the role of SDR as a reserve asset and establish a settlement mechanism suitable for large-scale use [3].

Key Points - The 2025 Lujiazui Forum opened on June 18, with the People's Bank of China Governor Pan Gongsheng announcing eight significant financial opening measures [1] - Establishment of an interbank market trading report database to analyze trading data across various financial sub-markets [1] - Creation of a digital RMB international operation center to promote the internationalization of digital RMB and support financial market innovation [1] - Establishment of a personal credit agency to provide diversified credit products for financial institutions, enhancing the social credit system [1] - Launch of offshore trade finance service reform pilot in Shanghai's Lingang New Area to support offshore trade development [1] - Development of offshore bonds in free trade zones to broaden financing channels for enterprises involved in the Belt and Road Initiative [1] - Optimization of free trade account functions to enhance cross-border trade and investment facilitation [1] - Innovation in structural monetary policy tools in Shanghai, including blockchain credit refinancing and cross-border trade refinancing [2][3] - Discussion on the evolution of the international monetary system and the potential for a multi-polar currency landscape [4][5] - The SDR (Special Drawing Rights) is proposed as a potential international reserve currency, but faces challenges in political consensus and market depth [5] - The RMB has become the second-largest trade financing currency globally and ranks third in the IMF SDR currency basket [5] - China's banking system has met all standards for total loss-absorbing capacity, ensuring stability in the financial sector [6][9] - A comprehensive cross-border payment clearing network for RMB has been established, enhancing the efficiency and security of cross-border transactions [6] - The application of new technologies like blockchain in cross-border payments is reshaping traditional payment systems [6] - Regulatory oversight of non-bank intermediaries is highlighted as an area needing improvement due to rising leverage and opacity [7] - The need for unified standards in the application of artificial intelligence in finance is emphasized [8] - The People's Bank of China has signed bilateral currency swap agreements with over 30 countries, contributing to the global financial safety net [9]

Core Viewpoint - The international monetary system is evolving towards a multipolar structure, which will enhance the responsibilities of sovereign currency nations to strengthen domestic fiscal discipline and financial regulation [1] Group 1 - The international monetary system's shift towards multipolarity will help sovereign currency nations to reinforce policy constraints [1] - The future may see a coexistence of a few sovereign currencies that compete and balance each other [1] - Sovereign currency nations must take on corresponding responsibilities, including enhancing domestic fiscal discipline and financial regulation [1] Group 2 - There is a need for structural economic reforms in sovereign currency nations to adapt to the evolving international monetary landscape [1]

Core Viewpoint - The international monetary system is evolving towards a multipolar structure, which enhances the resilience of the system and contributes to global economic and financial stability [1] Summary by Relevant Categories International Monetary System Evolution - The evolution of the international monetary system over the past 20 years has two significant characteristics: the introduction of the euro in 1999, which currently accounts for approximately 20% of global foreign exchange reserves, second only to the US dollar [1] - Following the 2008 global financial crisis, the international status of the renminbi has steadily increased, making it the second-largest trade financing currency globally [1] - The renminbi ranks as the third-largest payment currency worldwide and holds the third-highest weight in the International Monetary Fund's Special Drawing Rights (SDR) currency basket [1] Future Outlook - The international monetary system is likely to continue evolving towards a structure where a few sovereign currencies coexist, compete, and balance each other [1] - Regardless of whether a single sovereign currency or a few sovereign currencies serve as the dominant international currency, the countries issuing these currencies must assume corresponding responsibilities, strengthen domestic fiscal discipline, enhance financial regulation, and promote structural economic reforms [1]