The People's Bank of China (PBOC) is set to enhance the nation’s financial landscape by advancing high-quality financial development, according to Pan Gongsheng, the central bank's governor.
In an exclusive interview with Xinhua, Pan emphasized the importance of refining the central bank system to ensure the stability of both the currency value and the broader financial system. This initiative focuses on improving the twin-pillar regulatory framework, which encompasses both monetary and macro-prudential policies.
To achieve these goals, China plans to gradually move away from relying solely on quantitative targets. Instead, there will be a greater emphasis on utilizing price-based tools such as interest rates. Additionally, the PBOC aims to expand its monetary policy toolkit, allowing for more flexible and responsive financial strategies.
These measures are designed to foster a more resilient and adaptable financial system, positioning China for sustainable economic growth in the evolving global market.
Reference(s):
PBOC: China to promote further high-quality financial development
cgtn.com
