The People's Bank of China convened its work conference for the second half of 2025, reviewing measures taken so far this year and setting priorities for the remainder of 2025. The agenda centres on continuing an appropriately accommodative monetary policy, directing finance toward key real-economy priorities, preventing and defusing risks in重点领域, and advancing financial reform, opening, and cross-border RMB use. Policy execution priorities include keeping liquidity ample through a mix of monetary policy tools, guiding reasonable credit growth, and aligning growth in total social financing and money supply with economic growth and price-level objectives, alongside stronger supervision of interest-rate policy implementation and a flexible exchange rate with measures to prevent overshooting. Targeted support will focus on the “five major areas” of finance and on technology innovation, consumption, small and micro businesses and trade, including推进 a bond-market “technology board”, expanding issuance of technology innovation bonds, and using a risk-sharing tool for such bonds, as well as relending facilities including consumer and elderly-care relending and increased quotas for technology innovation and equipment upgrade relending and agriculture and small-business relending. By end-June, loans to the technology, green, inclusive small and micro, pension and digital economy sectors were reported to have grown year on year by 12.5%, 25.5%, 12.3%, 43% and 11.5%, respectively. For the second half, the programme also calls for continued support for local government financing platform debt risk resolution, further推进 of small and medium-sized bank reform and risk disposal, enhanced risk monitoring and macroprudential management, and tighter governance of areas including bond-market misconduct and supply-chain finance practices such as electronic receivables vouchers. Cross-border priorities include further development of the Cross-Border Interbank Payment System (CIPS), orderly推进 of fast-payment interoperability including the already-launched Mainland-Hong Kong linkage, broader cross-border QR code payment connectivity, and expanded use cases for the e-CNY and the multi-CBDC bridge, alongside work on RMB clearing bank布局 and offshore RMB markets; the PBOC also flagged upcoming work to compile its “15th Five-Year” reform and development plan and to prepare for the fifth round of anti-money laundering assessment.
Central Bank of the Republic of China 2025-08-01
People's Bank of China sets second-half 2025 priorities to keep monetary policy accommodative while stepping up risk control and RMB internationalization
The People's Bank of China outlined its strategy for the second half of 2025, focusing on accommodative monetary policy, directing finance to key real-economy priorities, and advancing financial reform and cross-border RMB use. Measures include ample liquidity, reasonable credit growth, and targeted support for technology, consumption, and small businesses. The agenda also emphasizes risk management, local government debt resolution, and cross-border payment system development.