PBOC’s Pan Gongsheng: Push Yuan Bonds as Globally Accepted Collateral

The pitch is about collateral eligibility, not issuance volumes — a distinction that matters because cross-border recognition of yuan bonds as collateral touches funding, margin and repo plumbing far more than it touches headline allocation. The audience is primarily offshore institutions already holding or considering yuan exposure, for whom the practical constraint has been usable liquidity and hedging rather than access. Whether the referenced improvements in liquidity and risk tools and offshore-market support translate into actual cross-border collateral acceptance by counterparties outside China is the open question.