People’s Bank of China (PBoC)
Renminbi options volumes plummet as vol grinds lower
USD/CNH volumes fell 84% in 2025 as PBoC currency management took hold
China leaves benchmark lending rates unchanged
One-year LPR stays at 3% and five-year rate remains at 3.5% following easing via structural tools
China’s interest-bearing CBDC a world first, experts say
E-CNY now more integrated with commercial banking, thus solidifying country’s two-tier system
China cuts lending rate for some sectors and flags room for more
PBoC deputy announces 25bp cuts to lending rate for agriculture sector, small businesses and others
CBDCs versus instant payments
Are technological and ecosystem advances using CBDCs and instant payments complementary or substitutes?
2025: The year in central banking
A look back at the biggest and most popular stories of the year
China launches ‘credit repair’ scheme to boost lending
Overdue personal debt of up to 10,000 yuan to be removed from database if debtor repays by March
DBS becomes Singapore’s second RMB clearing bank
PBoC and MAS agree to deepen collaboration on securities, e-CNY and other areas
China to continue ‘moderately loose’ monetary policy in 2026
PBoC plans to work with other agencies in effort to boost consumption
Bank notes: October to December 2025
A round-up of news and salient issues that have affected central bankers in the past three months
IMF opens third China office in Shanghai
Institution and PBoC say new hub will conduct research into Asia-Pacific’s emerging economies
The prospects for retail CBDCs
Open instant payments systems offer a quicker route to financial deepening, for now
IIF says China’s CBDC irrelevant to renminbi internationalisation
Economists say yuan’s use for payments growing, though it remains “stagnant” as reserve currency
PBoC emphasises stablecoins are illegal in China
Bank reiterates virtual currency ban and says pegged assets fail to meet identity and AML requirements
People: Saudi governor elected to BIS board
Plus senior appointments in Asia, the Middle East and Europe
More independent central banks hold fewer dollars – research
De-dollarisation benefits Singaporean and Korean currencies, while Australia’s and China’s lose out
What lies beneath China’s SDR proposal?
Experts discuss whether the PBoC’s vision for an SDR-led international monetary system would represent a ‘monetary straitjacket’ or an ideal ‘dollar replacement’
Is independence compatible with climate action?
Lessons from China indicate relationship between governments and central banks may need to change, argues Mathias Larsen
Asia-Pacific central banks list geopolitics, AI among key challenges
EMEAP, representing monetary authorities from across region, commits to strengthening co-operation
PBoC to resume open market China bond trading
Analysts expect purchases by central bank to support liquidity and government fiscal policy
PBoC’s language suggests policy shift on yuan – China economist
Central bank drops ‘cautious’ from pronouncements on currency’s internationalisation