The launching ceremony of the International Monetary Fund (IMF) Shanghai Regional Center is held in Shanghai, east China, June 19, 2024. The IMF Shanghai Regional Center was officially opened on Wednesday, according to a statement published on the official website of the People's Bank of China (PBOC). (Xinhua/Fang Zhe)

The International Monetary Fund (IMF) Shanghai Regional Center was officially opened on Wednesday, according to a statement published on the official website of the People's Bank of China (PBOC).

The center in Shanghai is one of the regional centers set up by the IMF around the world. It has been established to strengthen the IMF's engagement and cooperation with Asia Pacific economies and conduct relevant research in areas of interest to emerging markets and middle-income countries, the document said.

It also aims to provide targeted capacity-building support for these economies and safeguard regional and global financial stability, according to the statement.

PBOC Governor Pan Gongsheng said at the center's launching ceremony that the center will deepen cooperation between the IMF and China, enhance macroeconomic policy exchanges and coordination among Asia Pacific countries, and support regional and global financial stability.

"I welcome this important initiative with the PBOC to establish the Shanghai Regional Center," IMF Managing Director Kristalina Georgieva said, noting that the center will further strengthen the IMF's engagement in the dynamic Asia Pacific region, deepen its understanding of perspectives from member countries, and foster international economic cooperation.