People's Bank of China (PBOC) governor Pan Gongsheng said on Monday that global economic uncertainties are rising and urged Asian countries to work together to deal with tariffs.
The official also stressed the importance of reinforcing the Chiang Mai Initiative (CMI) and strengthening the region’s financial safety net. Pan highlighted that the introduction of a rapid financing facility funded by non-dollar freely usable currencies, such as the renminbi, which he said expands the resources available under the CMI and represents a breakthrough in diversifying the international monetary system in Asia.