(Yicai Global) June 20 -- Cross-border Interbank Payment System (CIPS) will settle in Shanghai in the near future to better serve the internationalization of the yuan and the construction of the Belt and Road Initiative, said Zhou Xiaochuan, governor of the People's Bank of China (PBOC), China's central bank, during the opening ceremony of the Lujiazui Forum 2017 in Shanghai today. The move is also expected to further facilitate the construction of Shanghai as an international financial center.
The PBOC governor said that although the economic recovery momentum of China is vigorous at present, there still exist some unstable factors, bringing challenges in responding to the policies of other countries. Finance is the blood of the modern economy, so finance and real economy should support and complement each other, he pointed out. Fostering a sound financial environment for the development of real economy by deepening financial reform is the problem faced by China as well as other countries.