Pan Gongsheng: In the future, the issuance of SDRs can be increased on a regular basis and the scale of issuance can be expanded
PANews reported on June 18 that Pan Gongsheng, governor of the People's Bank of China, said at the 2025 Lujiazui Forum today that in theory, the SDR can better overcome the inherent problems of a single sovereign currency as the international dominant currency, has stronger stability, can better assume the function of global public goods, regulate global liquidity and implement crisis relief, and has the characteristics of becoming a supranational international currency. At the operational level, it is necessary to optimize the mechanism arrangement and gradually expand the use of SDR. In terms of allocation and issuance mechanism, the IMF currently allocates SDR mainly for crisis response, and mostly adopts a one-time large-scale issuance method. In the future, the normalization of SDR issuance can be increased and the scale of issuance can be expanded.
In recent years, the problems faced by the traditional cross-border payment system have gradually become prominent. The global call for improving the cross-border payment system has continued to grow, and new payment infrastructure and settlement methods have continued to emerge, pushing the global cross-border payment system towards a more efficient, secure, inclusive and diversified direction. This trend will continue to strengthen in the future. After more than a decade of construction and development, China has initially built a multi-channel and wide-coverage RMB cross-border payment and clearing network.
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