At a State Council Information Office briefing, People's Bank of China Deputy Governor Lu Lei detailed how the central bank will implement its 15th Five-Year reform and development plan and nine supporting action plans. The agenda sits within the broader national financial strategy, which targets an initial framework for a modern financial system with Chinese characteristics by 2030 and the system's basic completion by 2035. Monetary policy reform will gradually reduce reliance on quantitative intermediate targets, strengthen the role and transmission of policy rates and improve open market operations, while an expanded macroprudential framework will address financial stability risks. The plan also prioritizes structural financial support for technology, green development, financial inclusion, pensions and digitalization, alongside deeper financial markets and stronger infrastructure. The central bank will advance renminbi internationalization through wider cross-border settlement, greater market connectivity, enhanced Cross-Border Interbank Payment System services, cross-border digital renminbi use and more offshore liquidity. It will retain the managed floating exchange rate regime, allow the market to play the decisive role in rate formation and seek basic renminbi stability at a reasonable and balanced level.
2026-09-10Central Bank of the Republic of China
People's Bank of China details greater interest rate role and wider renminbi use under five year strategy
People's Bank of China Deputy Governor Lu Lei detailed reforms that will give interest rates a greater role in monetary policy and broaden macroprudential oversight. The central bank will also expand structural support for priority sectors and promote renminbi use through market opening, cross-border payment links and stronger offshore liquidity arrangements.