The Deputy Governor of the People's Bank of China, Xuan Changneng, attended and chaired the ASEAN Plus Three Finance and Central Bank Deputy Governor's Meeting.

The People's Bank of China released a statement saying that from April 8th to 9th 2025, Deputy Governor of the People's Bank of China, Xuan Changneng, will attend the ASEAN + 3 (China, Japan, South Korea) finance and central bank deputies meeting in Kuala Lumpur, Malaysia. He will represent China as the co-chair of the ASEAN + 3 Finance and Central Bank Cooperation Mechanism and chair relevant discussions. The meeting discussed the impact of US tariff policies on the global and regional macroeconomic situation, improving the Chiang Mai Initiative Multilateralization (CMIM) mechanism, the ASEAN + 3 Macroeconomic Research Office (AMRO), and other topics. A series of consensuses were reached in deepening regional policy coordination and strengthening the regional financial safety net. The meeting unanimously approved the legal arrangements for contributions in Renminbi under the Chiang Mai Initiative Multilateralization mechanism. At the same time, the finance and central bank deputies of China, Japan, and South Korea also held a meeting, exchanging views on the economic situation and regional financial cooperation. Xuan Changneng emphasized that in the face of increasing global uncertainties, the People's Bank of China will implement an appropriately loose monetary policy to support the stable operation of the financial market and consolidate the continued improvement of the economy. In addition, Xuan Changneng held bilateral talks with South Korea's Deputy Finance Minister Choi Ji-rong, Deputy Governor of the Bank of Korea Kwon Min-soo, and Deputy Director of the Monetary Authority of Singapore Leong Sin Song during the meeting, exchanging views on the impact of global uncertainties on various countries. This article is excerpted from "People's Bank of China", edited by GMTEight: Liu Xuan.