The People's Bank of China (PBOC) recently hosted the 52nd Meeting of the Working Group on Payment and Market Infrastructures (WGPMI) of the Executives' Meeting of East Asia and Pacific Central Banks (EMEAP) in Wuxi, Jiangsu. PBOC Deputy Governor Lu Lei attended and addressed the meeting.

Deputy Governor Lu Lei noted that in recent years, with the continuous efforts of all WGPMI members, significant progress has been made in the regional construction of payment and market infrastructures, the development of payment service markets, and the enhancement of regulatory mechanisms, which has effectively boosted regional economic development. The PBOC will continue to uphold the principle of openness, cooperation and mutual benefit, and further strengthen the sharing, coordination, and collaboration among members in payment system construction and supervision, promoting regional payment and market infrastructures to advance to a higher level.

During the meeting, participants exchanged views on topics including achievements in the development of payment and market infrastructures, interconnection of cross-border payment, fraud prevention and monitoring, and future work plans.

The meeting was attended by 49 representatives from the payment and settlement departments of central banks and monetary authorities from 11 countries and regions across the East Asia and Pacific region. Representatives from the Bank for International Settlements (BIS) Innovation Hub, the Payment & Clearing Association of China, and the Society for Worldwide Interbank Financial Telecommunications (SWIFT) participated in discussions of selected sessions.