BEIJING — China has made marked progress in allowing foreign financial institutions to access its financial market, central bank governor Yi Gang said on March 24.

Many breakthroughs had already been achieved in the country’s financial market opening-up, he said at the ongoing China Development Forum 2019 in Beijing.

For instance, UBS AG has become the first foreign bank to raise its stake to a majority 51 percent in a securities joint venture in China, while Allianz (China) Insurance Holding Company Limited, the country’s first wholly-owned insurance holding company by a foreign insurer, has been approved to be set up.

S&P Global Inc was allowed to enter China’s credit rating market. American Express got the permission to establish a joint venture focusing on bank card clearing and settlement.

Yi said that the country had firmly advanced the opening-up of the financial market in accordance with the timetable announced at the Boao Forum for Asia annual conference last April.

“Most of the opening-up measures have been implemented, with the remaining few to be advanced soon as relevant law revision work has come to the final stage,” he said.

When it came to financial sector opening-up, China had been following international standards to expand the access to its bond, stock and financial derivatives markets, broaden channels for cross-border investment and financing, and improve relevant institutional arrangements, he noted.

“The openness, competitiveness and influence of China’s financial market have been growing and widely recognized by the international market,” Yi said.

The reform of the RMB exchange rate formation mechanism has also been effectively advanced, with the RMB exchange rate flexibility constantly increasing.

“Market players have become all the more comfortable with a floating renminbi exchange rate,” he noted.