China is set to accelerate improvements to its central bank system and promote high-quality financial development, according to Pan Gongsheng, governor of the People’s Bank of China (PBOC). In an exclusive interview with Xinhua, Pan outlined the nation’s plans to enhance financial stability and economic growth.
Pan emphasized that China will focus on refining the twin-pillar regulatory framework, which encompasses both monetary and macro-prudential policies. This approach aims to maintain the stability of the Chinese yuan’s value and safeguard the country’s financial system.
“We will gradually shift away from a focus on quantitative targets and place greater emphasis on price-based tools such as interest rates,” Pan said. “Enriching our monetary policy toolkit is essential for fostering sustainable economic development.”
The move signals China’s commitment to adapting its financial strategies to better suit the evolving economic landscape. By leveraging price-based instruments, the PBOC seeks to enhance the efficiency and effectiveness of its monetary policy, supporting high-quality growth across the nation.
Reference(s):
PBOC: China to promote further high-quality financial development
cgtn.com
