Core Viewpoint - The global cross-border payment system is at a critical juncture, with traditional models showing significant drawbacks, while China has established a multi-channel, widely covered RMB cross-border payment clearing network over the past decade, marking a significant achievement in the financial sector on the global stage [1][5]. Group 1: Global Economic Context - The traditional cross-border payment system has increasingly shown shortcomings in efficiency, cost, and security, which hampers smooth cross-border economic activities amid rising international trade and investment [3]. - Issues such as payment delays, high fees, and lack of transparency have led to a global call for upgrading the cross-border payment system, resulting in the emergence of new payment infrastructures and settlement methods [3]. Group 2: China's RMB Cross-Border Payment Network - China's RMB cross-border payment clearing network has effectively connected domestic financial institutions with global partners, facilitating the international flow of RMB [5]. - The network has expanded its coverage to include major trading partner countries and regions, as well as emerging markets, providing convenient RMB cross-border payment services [5]. - The network has improved payment processing efficiency, significantly reduced transaction costs, and enhanced the attractiveness of RMB in cross-border trade and investment [5]. Group 3: Implications for Trade and Investment - The establishment of the RMB cross-border payment network has greatly facilitated trade and investment, allowing domestic companies to conduct cross-border business more conveniently and mitigate exchange rate risks [5]. - The network's development has also advanced the internationalization of RMB, with increasing numbers of countries willing to include RMB in their foreign exchange reserves, thereby enhancing its influence in the international monetary system [5]. Group 4: Future Outlook - China is expected to continue enhancing the RMB cross-border payment clearing network by optimizing its layout, strengthening financial cooperation with countries along the Belt and Road Initiative, and expanding its coverage [6]. - The use of advanced technologies such as blockchain and big data will be prioritized to improve the network's security and processing capabilities [6]. - Active participation in the formulation of global cross-border payment rules is anticipated, allowing China to contribute to the optimization of the global payment system and assert its voice in international financial governance [6].

Core Viewpoint - The People's Bank of China Governor Pan Gongsheng highlighted the increasing challenges faced by traditional cross-border payment systems and the growing global demand for improvements in this area, indicating a shift towards more efficient, secure, inclusive, and diverse payment infrastructures and settlement methods [1] Group 1 - The global call for enhancing cross-border payment systems is intensifying [1] - Emerging payment infrastructures and settlement methods are continuously emerging, driving the evolution of global cross-border payment systems [1] - This trend towards improvement in cross-border payment systems is expected to strengthen in the future [1] Group 2 - China has established a multi-channel and widely covered RMB cross-border payment clearing network after over a decade of development [1]