On August 18th, CSRC Vice Chairman Fang Xinghai met with Arunma Oteh, Vice President and Treasurer of the World Bank (WB) at office of the CSRC in Beijing. Mr. Fang pointed out that with deepening reforms, the Chinese economy is undergoing fundamental transition towards more stable, sustainable, healthy growth, despite the slowdown of its growth rate. Chinese capital markets are also functioning with higher stability and enhanced capabilities to manage and mitigate risk, playing a more indispensible role in supporting the transition and growth of China’s economy at a new level. The CSRC is going to promote further opening-up of the capital markets to achieve synergized development with international markets.
Ms. Oteh stated that the World Bank always attaches great importance to close cooperation with central banks and regulators around the globe, and is happy to work more closely with Chinese authorities in the future.
The two sides also discussed the success of RMB’s inclusion into the Special Drawing Rights (SDR) currency basket, and the World Bank's issuance of SDR bonds in China. Ms. Oteh introduced the World Bank’ recent plan to issue SDR bonds through China’s interbank market before this year's G20 summit. Vice Chairman Fang welcomed this initiative and World Bank’s broader participation in Chinese capital markets.