"The policy had the desired effect of changing the sentiment around, both within consumers and investors in China. So we saw the reaction in the equity markets, which improved very substantially," he said, adding that a strong and contributing China is crucial for global growth.

Earlier this year, at the China Development Forum, Winters spoke about Standard Chartered's confidence in the opening-up of China's capital markets, describing the process as careful and thoughtful.

Standard Chartered was one of the first foreign banks to locally incorporate in China in 2007. Since then, it has gained a domestic fund custody license, participated in the Bond Connect Scheme between the Chinese mainland and Hong Kong, and joined the Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area. It has also been designated as one of the quoting banks for the loan prime rate by the Chinese central bank.

Winters praised the significant growth in RMB usage in trade, emphasizing that it is well on its way to becoming a truly global currency.

As a foreign bank operating in the cross-border interbank payment system both on the Chinese mainland and offshore in Hong Kong, Standard Chartered plays a leading role in advancing RMB internationalization, according to Winters.

Winters attended the Swift International Banker's Operation Seminar 2024 in Beijing from Oct 21 to 24, marking the first time the event was hosted on the Chinese mainland. He described the experience as "fantastic".

"China is at the heart of the system of global trade and cross-border payments. So the opportunity to be here looking at the global payments infrastructure and do that through the lens of a Chinese market and Chinese perspective is a special opportunity for us and could not be more timely," Winters said.

Xinhua