People's Bank of China reiterates appropriately accommodative monetary policy stance and warns on fragmentation at G20 meeting

At the G20 Finance Ministers and Central Bank Governors meeting in Washington on 23–24 April 2025, People's Bank of China Governor Pan Gongsheng set out China’s views on the global outlook and reiterated that the central bank will implement an appropriately accommodative monetary policy, while calling for stronger international macroeconomic and financial policy coordination to safeguard global economic and financial stability. Participants broadly assessed that the global economy continues to recover but faces sharply rising downside risks amid trade tensions, tighter financing conditions and long-term structural challenges, and expressed concern about the negative effects of escalating trade frictions. The meeting also backed efforts to build a more stable, efficient and resilient international financial architecture, including strengthening multilateral development banks’ financing capacity and continuing to provide development finance; Pan argued that trade and tariff wars have no winners and that fragmentation and trade tensions are disrupting industrial and supply chains and weakening global growth momentum, while noting a positive start to the year for China’s economy and stable domestic financial markets.