In a series of engagements in Saudi Arabia, the governor of China’s central bank emphasized the importance of deepening financial cooperation with emerging economies. Pan Gongsheng highlighted the need for greater collaboration on multiple fronts to enhance global financial governance and stability. During meetings with central bank governors from Gulf states, Pan outlined plans to collaborate on promoting currency stability, expanding bilateral financial investments, and developing integrated payment systems. These initiatives aim to strengthen economic ties and foster mutual growth between China and the Gulf region.

Pan also addressed the broader challenges faced by emerging markets during a conference co-hosted by the International Monetary Fund and the Saudi Finance Ministry. He stressed the significance of increasing exchange rate flexibility and reinforcing cooperative efforts to maintain financial stability amidst volatile currency conditions. The governor pointed out that emerging markets are grappling with numerous challenges, including geopolitical risks, economic fragmentation, trade protectionism, and rising global debt risks. By enhancing cooperation, these economies can better navigate these uncertainties and bolster their resilience.

The push for increased financial autonomy and internationalization of China's currency is integral to its strategic vision. This approach seeks to reduce dependency on the US dollar and promote smoother global trade and investment flows. Ultimately, such endeavors reflect a commitment to fostering a more equitable and stable global financial system, where emerging economies have a stronger voice and play a more active role in shaping the future of international finance.