Shanghai, China - June 18, 2025 (CCTV - No access Chinese mainland)
1. Various of Pan Gongsheng, governor of People's Bank of China (PBoC), delivering speech at opening ceremony of 2025 Lujiazui Forum, attendees
2. SOUNDBITE (Chinese) Pan Gongsheng, governor, People's Bank of China (partially overlaid with shot 3):
"Since the global financial crisis of 2008, the international standing of the Chinese yuan has steadily improved. The yuan has become the world's second-largest currency for trade financing, and the third-largest for overall payments if calculated on a full scale. It ranks the third in terms of the weight in the IMF Special Drawing Right (SDR) basket."
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3. Various of forum in progress, attendees
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4. Sign of 2025 Lujiazui Forum

FILE: Shanghai, China - Date Unknown (CCTV - No access Chinese mainland)
5. Various of staff members working at financial institutions

Shanghai, China - June 18, 2025 (CCTV - No access Chinese mainland)
6. Camera crew
7. SOUNDBITE (Chinese) Pan Gongsheng, governor, People's Bank of China (starting with shot 6/partially overlaid with shot 8):
"The channels for accounts settlement in the Chinese yuan are more diversified, and the yuan's cross-border payment efficiency has significantly improved. After more than 10 years of construction and development, China has built a broad-based, multi-channel Chinese yuan clearing network for cross-border payment. In particular, QR code interoperability across countries and regions in Asia has sharply enhanced the interoperability of retail cross-border payment, greatly facilitating across-border transactions for residents."
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8. Attendees
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FILE: Beijing, China - Date Unknown (CCTV - No access Chinese mainland)
9. Various of People's Bank of China (PBOC) headquarters
10. Sign of People's Bank of China on wall

FILE: China - Exact Location and Date Unknown (CCTV - No access Chinese mainland)
11. Signs of currency exchange counter
12. Various of bank clerk counting Chinese yuan banknotes
13. Various of Chinese yuan banknotes going through cash counting machine
14. Sign of currency exchange

FILE: Shanghai, China - Date Unknown (CCTV - No access Chinese mainland)
15. Aerial shots of cityscape

China's central bank chief said on Wednesday that the dominance of a single currency in cross-border payment is fading as the global monetary system moves toward greater multipolarity.

Addressing the opening ceremony of the two-day 2025 Lujiazui Forum which opened in Shanghai on Wednesday, Pan Gongsheng, governor of the People's Bank of China (PBOC), noted that the general trend toward a multipolar currency framework can help reinforce global economic and financial stability.

Pan said that the move encourages stronger policy discipline among sovereign currency issuers and enhances the resilience of the international monetary system.

He also predicted a future where several dominant sovereign currencies coexist, competing and balancing each other.

"Since the global financial crisis of 2008, the international standing of the Chinese yuan has steadily improved. The yuan has become the world's second-largest currency for trade financing, and the third-largest for overall payments if calculated on a full scale. It ranks the third in terms of the weight in the IMF Special Drawing Right (SDR) basket," Pan said.

The Chinese central bank chief emphasized that an increasing number of countries and regions are shifting to local currency settlements, fostering the use of more currencies in international payment and easing the dominance of any single sovereign currency.

"The channels for accounts settlement in the Chinese yuan are more diversified, and the yuan's cross-border payment efficiency has significantly improved. After more than 10 years of construction and development, China has built a broad-based, multi-channel Chinese yuan clearing network for cross-border payment. In particular, QR code interoperability across countries and regions in Asia has sharply enhanced the interoperability of retail cross-border payment, greatly facilitating across-border transactions for residents," Pan said.

The Lujiazui Forum was created in 2008 as a high-level global platform for government officials, world financial leaders and outstanding scholars to discuss and foster international financial cooperation and further the financial reform and market opening in China. Named after Lujiazui -- the financial district of China's financial hub Shanghai, the forum also symbolizes Shanghai's vision of becoming a leading international financial center.

With the theme of "Financial opening up and cooperation for high-quality development in a changing global economy," the two-day 2025 Forum opened in Shanghai on Wednesday morning, gathering more than 70 policymakers, regulators, and financial leaders from over 10 countries and regions.