On June 18, Pan Gongsheng, President of the People's Bank of China, announced at the 2025 Lujiazui Forum that he would implement eight policy measures in Shanghai. Experts say that this series of specific and rich innovative measures not only further releases policy signals to support the construction of Shanghai International Financial Center, but also means that Shanghai is expected to achieve more breakthroughs in financial innovation, which will promote its internationalization and enhance its ability to allocate financial resources from multiple aspects. Pan Gongsheng stated that efforts will be made to promote the international operation of digital RMB by establishing a digital RMB international operation center. Promote the international operation of digital RMB and the development of financial market business, and serve digital financial innovation. According to Wang Pengbo, a senior analyst in the financial industry at Broadcom, this measure will help enhance the status of the renminbi in the international monetary system, promote cross-border trade facilitation, reduce traditional cross-border payment costs, and may give rise to new business models and products in the financial market. In addition, regulatory agencies can also utilize the traceability of digital RMB to better maintain financial order. In the view of Zeng Gang, director of the Shanghai Finance and Development Laboratory, establishing a digital RMB international operation center can not only provide convenience for RMB in cross-border payments, clearing, and circulation, accelerate the international promotion of digital RMB, but also provide more efficient, secure, and low-cost payment solutions for global trade and investment activities, which can help increase the proportion and influence of RMB in international settlement. Pan Gongsheng proposed to support the development of offshore financial services and launch a comprehensive reform pilot for offshore trade financial services in the Lingang New Area of Shanghai. Innovate business rules to support Shanghai's development of offshore trade. Develop free trade offshore bonds. Adhere to the principle of "two ends out" and internationally accepted rules and standards, and expand the financing channels of "going global" enterprises and "the Belt and Road" jointly built national and regional high-quality enterprises. The comprehensive reform pilot of offshore trade financial services and the policy of developing free trade offshore bonds in the Shanghai Lingang New Area reflect China's emphasis on international trade and offshore financial business, aiming to broaden financing channels and promote international trade and investment facilitation. ”Tian Lihui, Dean of the Institute of Financial Development at Nankai University, said. Zeng Gang believes that launching a comprehensive reform pilot for offshore trade financial services in the Lingang New Area of Shanghai will explore more financial innovation models for Shanghai; The development of free trade offshore debt follows the principle of "two ends out", which will provide new financing channels for "going global" enterprises and high-quality enterprises in the "the Belt and Road" countries and regions, and drive the increase of global demand for RMB asset allocation. In recent years, guided by structural monetary policy tools, the strength, adaptability, and precision of financial support for the real economy have significantly improved. The continuous innovation of structural monetary policy tools is also seen as an important measure to improve the transmission efficiency of monetary policy. One of the eight policy measures is to innovate structural monetary policy tools in Shanghai, including piloting aviation trade blockchain letter of credit refinancing business, cross-border trade refinancing business, and expanding carbon emission reduction support tools. Actively promote the use of the first batch of technology innovation bond risk sharing tools in Shanghai and support private equity institutions in issuing technology innovation bonds. For the above-mentioned pilot projects, Liang Zhonghua, Chief Macro Analyst of Guotai Haitong Securities, believes that the pilot of the aviation trade blockchain letter of credit refinancing business may be to issue refinancing loans through credit, supporting commercial banks in Shanghai to provide financing to foreign trade enterprises; The pilot program of "Cross border Trade Refinancing" may provide RMB cross-border trade financing to import and export enterprises through rediscounting support in Shanghai commercial banks; The pilot expansion of carbon emission reduction support tools may expand their scope of support to some transitional financial sectors and local characteristic industries. Pan Gongsheng proposed to promote the improvement of the product sequence in the foreign exchange market and work with the China Securities Regulatory Commission to study and promote RMB foreign exchange futures trading. Wu Qing, chairman of the CSRC, also said at the 2025 Lujiazui Forum that he would jointly study and launch RMB foreign exchange futures with the People's Bank of China to create favorable conditions for financial institutions and real enterprises to better manage exchange rate risks. The announcement of this policy marks a new stage in the construction of China's foreign exchange market. ”Zhou Ji, Macro Forex Innovation Analyst at Nanhua Futures Research Institute, stated that as the global economic landscape continues to evolve and uncertainty increases, basic exchange rate hedging tools are no longer able to meet the increasingly complex and diverse needs of enterprises. It is imperative to promote domestic foreign exchange futures trading, which will fill the gap in foreign exchange futures in the domestic market, improve market structure, and expand the depth and breadth of the foreign exchange market. Zhou Ji believes that from a macro perspective, the implementation of this policy will have a profound impact on China's foreign exchange market. On the one hand, a rich and diversified foreign exchange market product system can effectively attract more international investors to participate in China's foreign exchange market trading, improving market activity and liquidity. On the other hand, more comprehensive domestic exchange rate risk management tools will enhance the confidence and willingness of overseas investors to hold RMB assets. (New Society)