The People's Bank of China (PBOC) reaffirmed its moderately accommodative monetary policy stance and outlined financial policy and internal governance priorities at a Party committee meeting chaired by Governor and Party Secretary Pan Gongsheng. Following the fifth plenary session of the 20th Communist Party of China Central Committee, the agenda combines continued monetary support and financial risk management with stronger Party oversight and measures against corruption. Monetary policy will continue to use a range of tools to maintain ample liquidity. Financial reform priorities include developing a modern financial market system with multiple tiers and improving support for economic transformation. The bank will also address financial risks in key areas and expand financial opening. Work on renminbi internationalization includes accelerating development of a cross-border renminbi payment system with multiple channels and broad coverage. Internal governance measures include strengthening supervision of important positions and critical processes, improving personnel management and enforcing Party discipline. Efforts to combat financial corruption will proceed alongside the resolution of financial risks, while institutional reforms will be paired with stronger enforcement of existing systems.
PBOC reiterates moderately accommodative monetary policy stance and outlines internal oversight priorities
The People's Bank of China reaffirmed its moderately accommodative monetary policy stance and commitment to ample liquidity at a Party committee meeting. Financial priorities include managing risks in key areas, expanding financial opening and developing cross-border renminbi payment channels. Internal measures will strengthen oversight of key positions and link efforts against financial corruption with financial risk resolution.