Published on: 2026-08-11
Source: People’s Republic of China — Translation
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Beijing, August 11 /Xinhua/ — The People’s Bank of China (PBOC, Central Bank) has published a reform and development plan for the period 2026-2030, aimed at accelerating the establishment of a strong financial state and improving the central bank system.
The plan states that measures will be taken to reliably promote financial openness at a high level, while noting that efforts will be made to expand the use of the yuan in international trade, investment, and financing, deepen mutual access to financial markets, accelerate steps to transform Shanghai into an international financial center, and strengthen the role of the Hong Kong SAR as a global financial hub.
As part of its openness policy, the People’s Bank of China will expand the capabilities of the multi-level Cross-Border Interbank Payment System (CIPS) with broad coverage and will promote the development of offshore yuan markets.
As for domestic monetary policy, the plan provides for the improvement of the framework of modern monetary policy taking into account China’s characteristics, the enhancement of the base money issuance mechanism, and a more efficient use of both the aggregate and structural functions of monetary policy instruments.
The document emphasizes the need to strengthen market mechanisms for the formation, regulation, and transmission of interest rates, as well as to maintain the yuan exchange rate generally stable at a reasonable and balanced level. At the same time, the market should be given the right to play a decisive role in determining the exchange rate.
To strengthen financial stability, the NBK will expand the scope of macroprudential regulation measures, enhance its policy toolkit, and establish a monitoring and assessment system to reduce financial risks in key areas.
The main goal of the plan is to expand access for the real sector of the economy to quality financial services. The People’s Bank of China has pledged to develop a clear and effective policy system to support major strategies, key sectors, and to eliminate weak links. This includes developing a financial system adapted to scientific and technological innovations. It is also aimed at expanding “green” and low-carbon financing, broadening inclusive financing, improving the pension financing system, and accelerating digital financing.
Looking ahead to the period 2026-2030, the People’s Bank of China states that it will ensure the effective implementation of all measures outlined in the plan to strengthen China’s financial power and support high-quality economic development. -0-
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