The People's Bank of China convened a Party Committee meeting chaired by Governor Pan Gongsheng to study and implement guidance from the Communist Party of China's Fourth Plenum of the 20th Central Committee and to set out the central bank’s key implementation measures. The agenda centres on accelerating improvements to the central bank system while maintaining an environment supportive of economic stability and financial market functioning. The priorities span five areas: strengthening Party leadership and internal governance, including ongoing remediation of issues identified through central inspections and audits; building a more scientific and prudent monetary policy system by calibrating policy strength and timing, dynamically improving the framework and transmission, and deepening renminbi (RMB) exchange-rate formation reform while keeping the RMB basically stable at a reasonable and balanced level; expanding macroprudential management and systemic risk prevention by broadening coverage, strengthening monitoring and early warning, and working with other departments on risk resolution for local small and medium-sized financial institutions, local government financing vehicle debt and real estate, alongside stricter discipline to limit moral hazard; deepening financial supply-side structural reform through the “five major tasks” in technology, green, inclusive, pension and digital finance, including improvements to market and infrastructure systems and steady research, development and application of the digital RMB; and advancing high-level financial opening while safeguarding financial security, including RMB internationalisation via greater trade settlement use, orderly two-way market opening, development of offshore RMB markets, progress on Shanghai and Hong Kong international financial centre initiatives and continued build-out of an independently controllable, multi-channel RMB cross-border payment system. The central bank system is tasked with organising study and communication activities under central arrangements to align implementation with the Plenum’s requirements.
Central Bank of the Republic of China 2025-10-24
People's Bank of China sets priorities to improve the central banking system, expand macroprudential oversight and advance digital renminbi
The People's Bank of China, led by Governor Pan Gongsheng, outlined measures to enhance the central bank system, focusing on economic stability and financial market functioning. Priorities include strengthening Party leadership, refining monetary policy, expanding macroprudential management, deepening financial supply-side reform, and advancing financial opening while ensuring security. The bank aims to align these initiatives with the Communist Party's Fourth Plenum directives.