PBOC Announces China Will Advance Enhanced High-Quality Financial Growth
China aims to accelerate enhancements to its central bank system while fostering high-quality financial development. The focus will be on refining the dual regulatory framework comprising monetary and macro-prudential policies to ensure the stability of currency value and the overall financial system.
TroibNews 
China is set to accelerate enhancements to its central banking framework and advance the high-quality development of its financial sector, according to the nation's central bank governor.
In an exclusive interview with Xinhua, Pan Gongsheng, the governor of the People's Bank of China (PBOC), expressed that the focus will be on refining the dual-pillar regulatory framework encompassing both monetary and macro-prudential policies. This approach is aimed at preserving the stability of the currency's value and ensuring the robustness of the financial system, Pan stated.
Pan mentioned that China will shift its approach from focusing primarily on quantitative targets to prioritizing price-based tools like interest rates and expanding its monetary policy toolkit.
Further initiatives will include bolstering policy communication, enhancing transparency, upgrading mechanisms for managing and mitigating systemic risks, fortifying financial markets and their infrastructure, and forming a more advanced open financial system, he explained.
"The PBOC will promote high-standard financial opening-up with a market-oriented, law-based and internationalized approach, increasing the transparency, stability and predictability of relevant policies," the governor noted.
In terms of deepening financial sector reforms, Pan indicated that efforts will be made to gradually and carefully promote the yuan's internationalization, enhance the development of international financial centers, foster a friendly and inclusive business climate, and balance financial openness with security.
For the real economy, "the central bank will adhere to a supportive monetary policy and intensify counter and cross-cyclical adjustments to stabilize expectations and help consolidate the country's economic recovery trend," Pan stated.
In regulating monetary policy, the focus will be on achieving a balance between immediate and long-term goals, such as stabilizing growth and preventing risks, and considering both domestic and international conditions, according to Pan.
He further emphasized that the PBOC is committed to executing existing policies and measures, expanding its policy toolkit, and improving policy coordination to achieve annual economic and social targets.
Additionally, Pan pledged unwavering efforts to avert systemic risks by managing economic growth, structural adjustments, improving financial regulation, promoting financial stability legislation, and addressing risks in sectors like local government debt, real estate, and small and medium-sized banks.
Anna Muller for TROIB News
In an exclusive interview with Xinhua, Pan Gongsheng, the governor of the People's Bank of China (PBOC), expressed that the focus will be on refining the dual-pillar regulatory framework encompassing both monetary and macro-prudential policies. This approach is aimed at preserving the stability of the currency's value and ensuring the robustness of the financial system, Pan stated.
Pan mentioned that China will shift its approach from focusing primarily on quantitative targets to prioritizing price-based tools like interest rates and expanding its monetary policy toolkit.
Further initiatives will include bolstering policy communication, enhancing transparency, upgrading mechanisms for managing and mitigating systemic risks, fortifying financial markets and their infrastructure, and forming a more advanced open financial system, he explained.
"The PBOC will promote high-standard financial opening-up with a market-oriented, law-based and internationalized approach, increasing the transparency, stability and predictability of relevant policies," the governor noted.
In terms of deepening financial sector reforms, Pan indicated that efforts will be made to gradually and carefully promote the yuan's internationalization, enhance the development of international financial centers, foster a friendly and inclusive business climate, and balance financial openness with security.
For the real economy, "the central bank will adhere to a supportive monetary policy and intensify counter and cross-cyclical adjustments to stabilize expectations and help consolidate the country's economic recovery trend," Pan stated.
In regulating monetary policy, the focus will be on achieving a balance between immediate and long-term goals, such as stabilizing growth and preventing risks, and considering both domestic and international conditions, according to Pan.
He further emphasized that the PBOC is committed to executing existing policies and measures, expanding its policy toolkit, and improving policy coordination to achieve annual economic and social targets.
Additionally, Pan pledged unwavering efforts to avert systemic risks by managing economic growth, structural adjustments, improving financial regulation, promoting financial stability legislation, and addressing risks in sectors like local government debt, real estate, and small and medium-sized banks.
Anna Muller for TROIB News
