People’s Bank of China Governor Pan Gongsheng said Oct. 19 that rising overseas yuan use has increased liquidity needs, prompting a proposed proprietary interbank FX trading pilot for eight Chinese and foreign clearing banks.
Speaking at the 2026 Financial Street Forum, Pan said the yuan's growing international use has increased financial institutions' need to manage the currency abroad. The proposed access is intended to respond to that demand.
The pilot would permit the eight clearing banks to conduct proprietary trades, or transactions for their own accounts, in the domestic interbank currency market. Direct access under the proposal is limited to those banks, although the central bank aims to make it easier for overseas institutions more broadly to trade yuan in China.
Pan described the pilot as an initial step toward closer links between onshore and offshore yuan markets. Any broader access would depend on the pilot’s results, he said.
