PBoC overhauls monetary policy framework

Central bank aims for clearer policy rate, bigger role for bond trading and use of “structural” tools

People’s Bank of China
People’s Bank of China

The People’s Bank of China (PBoC) is following other major central banks in reviewing how it conducts monetary policy, including by creating a clearer role for the short-term interest rate.

Governor Pan Gongsheng said changes to the policy framework are underway in remarks today (June 12) at the Lujiazui Forum, a financial conference in Shanghai.

Pan said the central bank would reduce its use of quantitative targets and place greater emphasis on interest rates. The central bank will conduct more

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