The People's Bank of China convened its 2025 macroprudential work conference on 17–18 February, reviewing 2024 macroprudential actions and setting priorities for the next stage of work, including strengthening macro-financial analysis, updating the macroprudential policy framework and tools, and reinforcing measures linked to real estate finance and cross-border renminbi business. The central bank highlighted 2024 progress in improving macroprudential policy and governance mechanisms, strengthening macroprudential management in key financial areas, enhancing systemically important financial institutions’ capacity to support the real economy, refining real estate finance policies, maintaining stable financial market operations, and upgrading management of cross-border renminbi business and related financial services. For 2025, the work programme includes exploring an expanded central bank role in macroprudential and financial stability functions, improving real estate finance management to support property-market stabilisation, and advancing renminbi cross-border use across payments, pricing and investment and financing, including developing offshore renminbi markets and leveraging currency swaps and renminbi clearing banks, alongside efforts tied to Shanghai and Hong Kong as international financial centres.
Central Bank of the Republic of China 2025-02-20
People's Bank of China sets 2025 macroprudential agenda focused on property finance and cross-border renminbi use
The People's Bank of China held its 2025 macroprudential work conference, reviewing 2024 actions and setting priorities for strengthening macro-financial analysis and updating policy frameworks. Key focuses include enhancing real estate finance management, advancing cross-border renminbi use, and exploring expanded central bank roles in macroprudential functions. Efforts will also target developing offshore renminbi markets and leveraging currency swaps and clearing banks.