We have engaged leading global underwriters, such as Goldman Sachs, JP Morgan, Barclays, TD Bank, Nomura, and of course, the Bank of China and Industrial and Commercial Bank of China. 

Here in China we are very keen to continue to work closely with the local authorities to share our experiences in the international capital markets to play a role, where asked, in piloting international practices here domestically. We have had an intense dialogue with market regulators in preparation for the Panda bond launch and they have been keen to hear our experience and feedback as a supranational issuer.

Headquartered in Beijing, we are in the fortuitous position of being able to use our physical location to ultimately facilitate easier access to onshore investors for other development finance institutions.  

Market developments have been helped by the continued effort of the Chinese authorities to further open domestic financial markets. In August this year, the PBOC has released the annual report on the internationalization of the Yuan, calling for a facilitated access to the infrastructure for investment in onshore bonds and equity. 

Investment bank Morgan Stanley predicts that the international use of the yuan will steadily grow as a component of global foreign exchange reserves, from the current 2% to a percentage of between 5 and 10% by 2030.

As China’s financial system continues to integrate with rest of the world, there will be tremendous opportunity for China as a financing platform to support the needs of infrastructure finance in Asia and the world.

What is going on in this world clearly indicates that the international community should work in unison to address the common challenges. Decoupling is no option.  Cooperation and integration in the financial sector play an important role in promoting the development of real sectors in the global economy.  Covid-19 pandemic has momentarily forced people to keep social distance and be separated in lockdown, but this has exactly enhanced their sense of the importance of staying together. More than ever we understand that decoupling is disastrous, and economies across the world should be integrated, instead of drifting away from each other.  And that is why we are here today to discuss such important issues.  

Thanks very much!

（金立群，亚洲基础设施投资银行行长。）