The People's Bank of China reported that Vice Governor Xuan Changneng attended and spoke at the first G20 Finance and Central Bank Deputies meeting under the United States’ G20 presidency in Washington, DC, where participants discussed the 2026 G20 finance track work programme and priority issues. Xuan backed stronger macroeconomic policy coordination and argued that tariffs cannot effectively address global imbalances, calling on deficit countries to accelerate domestic policy adjustments to support global rebalancing. He supported improving the business environment through regulatory modernisation but cautioned against weakening key prudential standards such as Basel III, and highlighted China’s work to implement the G20 cross-border payments roadmap by promoting interoperability of fast payment systems on the basis of international anti-money laundering standards to improve efficiency and lower transaction costs. He also outlined elements of China’s “15th Five-Year Plan” proposals and the Central Economic Work Conference, including a moderately accommodative monetary policy stance, and held bilateral meetings with central bank and finance ministry counterparts on financial cooperation.
Central Bank of the Republic of China 2025-12-18
People's Bank of China sets out positions on tariffs, Basel III and cross-border payments at Washington G20 deputies meeting
Vice Governor Xuan Changneng of the People's Bank of China attended the G20 Finance and Central Bank Deputies meeting, advocating for stronger macroeconomic policy coordination and regulatory modernization. He emphasized maintaining prudential standards like Basel III and discussed China's efforts to enhance cross-border payment systems. Xuan also outlined China's "15th Five-Year Plan" and engaged in bilateral talks on financial cooperation.