At a State Council Information Office press conference held on Thursday, September 10, 2026, as part of the "Strong Start for the 15th Five-Year Plan" series, the People's Bank of China (PBOC) detailed its policy blueprint for the upcoming period.
According to Xinhua, PBOC Deputy Governor Lu Lei announced at the briefing that the "15th Five-Year Plan for Building a Strong Financial Nation" has been officially released. To implement these directives, the central bank has formulated and issued the "PBOC 15th Five-Year Plan Reform and Development Blueprint," accompanied by nine action plans covering related areas.
He emphasized the need to establish a scientific and prudent monetary policy system alongside a comprehensive macro-prudential management framework. This involves performing counter-cyclical and cross-cyclical adjustments to ensure that the growth of aggregate social financing and money supply aligns with economic growth and expected price level targets.
To achieve this, the central bank will refine the market-based interest rate formation, regulation, and transmission mechanisms. Lu Lei stressed the importance of letting the market play a decisive role in exchange rate formation, enhancing the flexibility of the RMB exchange rate, and maintaining its basic stability at a reasonable and balanced level.
Regarding monetary policy objectives, the deputy governor stated that the central bank will firmly maintain currency value stability to foster economic growth and effectively support high-quality development of the real economy. Simultaneously, there will be a gradual de-emphasis on quantity-based intermediate targets, shifting focus towards leveraging interest rate regulatory tools.
On policy tools, Lu Lei clarified that the PBOC will continuously improve the base money supply mechanism, refine the deposit reserve system, and conduct open market operations with greater flexibility and precision. The central bank will also enhance market-based interest rate mechanisms, strengthen the guiding role of policy rates, ensure short-term money market rates operate more smoothly around policy rates, and further streamline the transmission from central bank policy rates to market benchmark rates and various financial market interest rates. Additionally, the framework for structural monetary policy tools will be optimized, and their design and management will be improved to better serve the real economy.
Addressing exchange rate policy, Lu Lei stated that China operates a managed floating exchange rate regime where the market plays a decisive role in rate formation. He emphasized that China has no need and no intention to gain trade competitive advantages through currency depreciation, and will guard against herd behavior and self-reinforcing irrational expectations in the market.
During the 15th Five-Year Plan period, the PBOC will focus on promoting reform and development through opening up and advancing high-level financial opening. This includes promoting RMB internationalization, enhancing cross-border connectivity of financial infrastructure, developing the offshore RMB market, and enriching the supply of offshore RMB liquidity.
The central bank will also comprehensively consolidate its operational foundation by optimizing financial infrastructure and central bank service systems. Efforts will be made to improve the quality and efficiency of central bank financial services, including refining financial statistics, payment, treasury, and cash service systems.
Lu Lei reiterated the commitment to gradually de-emphasize quantity-based intermediate targets while placing greater importance on interest-rate-based regulatory tools. The continuous refinement of the deposit reserve system and more flexible open market operations remain key priorities.
Regarding the offshore market, the central bank will continue supporting its healthy development, optimizing the layout of RMB clearing banks, establishing a multi-tiered liquidity supply mechanism across different maturities, and maintaining sufficient and stable RMB liquidity. Regular issuance of government bonds and central bank bills will be used to enrich the pool of high-grade RMB assets.
Providing an overview of the achievements during the 14th Five-Year Plan period, Lu Lei noted significant progress in financial sector reform and development under the leadership of the Party Central Committee. Party leadership in the financial system has been comprehensively strengthened, the effectiveness of serving the real economy has improved, reform and opening up have continued to advance, risks in key areas have been properly managed, regulatory shortcomings have been addressed, and financial opening has progressed steadily.
The overall goal is to establish the fundamental framework of a modern financial system with Chinese characteristics by 2030, featuring coordinated and effective financial regulation policies, an optimized financial structure, rigorous supervision, precise and efficient risk prevention, improved quality and efficiency in supporting economic and social development, a complete financial legal system, steadily expanded high-level opening, and continuously enhanced international influence and competitiveness. By 2035, the goal is to basically complete a modern financial system with Chinese characteristics that is highly adaptive, competitive, and inclusive, laying a solid foundation for building a strong financial nation.
The blueprint outlines key tasks for the 15th Five-Year Plan period, including improving the financial macro-control system, comprehensively strengthening financial supervision, effectively preventing and defusing financial risks, actively serving the real economy, promoting high-quality financial development, and expanding high-level financial opening.
The PBOC's reform and development plan focuses on five key areas: perfecting the dual-pillar framework of monetary policy and macro-prudential management; improving the financial policy system to support major strategies, key areas, and weak links; optimizing the financial market structure to enhance direct financing and support new quality productive forces; advancing high-level financial opening through RMB internationalization and market development; and consolidating the central bank's operational foundation through improved financial infrastructure and service systems.
During the Q&A session, Lu Lei elaborated on the central bank's efforts to implement the "Five Major Articles" of finance—technology, green, inclusive, pension, and digital finance. These initiatives aim to strengthen financial support for major strategies, key areas, and weak links through three main approaches: guiding financial markets to optimize financial supply through policy and structural monetary tools; expanding the coverage of policy tools by increasing relending quotas and establishing dedicated private enterprise relending facilities; and strengthening policy coordination between fiscal and monetary measures.
As of the end of June this year, the balance of structural monetary policy tools supporting the "Five Major Articles" stood at 4.6 trillion yuan, with loans in these areas growing 10.9 percent year-on-year. Growth rates for loans in the technology, green, inclusive, pension, and digital sectors all exceeded the average growth rate for total loans.
Looking ahead, the central bank will further refine the institutional framework for the "Five Major Articles," optimize policy tools and capital supply structures, and strengthen interdepartmental coordination. In technology finance, efforts will focus on building a financial system suited to technological innovation, including using structural monetary policy tools and constructing a "technology board" in the bond market. For green finance, the emphasis will be on enhancing financial institutions' service capabilities to support green development and low-carbon transition. In inclusive finance, the focus is on building cost-effective and commercially sustainable development models, particularly improving financing support for private and small businesses. Pension finance will see increased supply and improved services to address population aging, while digital finance will accelerate financial digitalization and intelligent transformation. Policy coordination will be strengthened between fiscal and financial measures to expand consumer demand and support high-quality supply.