China’s central bank has set out its strategic priorities for the coming five years in a stand-alone plan, placing yuan internationalisation high on the agenda as Beijing seeks to build the country into a major “financial powerhouse”. The PBOC also stated that it aimed to strengthen the cross-border yuan payment system, making it more “multi-tiered and broad-based”. This aligns with Beijing’s push in recent years to promote yuan internationalisation and develop alternative payment infrastructure amid concerns about reliance on the US dollar-based global financial system. Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered, said stand-alone five-year plans, issued by the central bank itself, were relatively uncommon in the past. “The current move could be linked to the emphasis on building a ‘strong central bank’ in China’s vision of becoming a financial powerhouse,” he said.