People's Bank of China

Rule Changes

Operating the new overnight policy framework

China's central bank now sets the price of overnight money every business day. Starting Nov. 2, the People's Bank of China conducts overnight reverse repurchase agreements at 1.25% and treats that rate as its main policy signal, replacing the seven-day rate it had used as its anchor.

Updated 1 hour ago

Money Moves

Policy rate on hold since a May 2025 cut

China's economy grew 4.5% in the third quarter, beating forecasts and lifting growth for the first nine months to 4.6%. That keeps 2026 inside Beijing's 4.5%-5% target, provided the fourth quarter holds.

Updated Oct 20

Money Moves

Manages China's foreign exchange reserves and has steadily diversified away from Treasuries

China's reported US Treasury holdings fell to $618 billion in July, the lowest since August 2008. The Treasury Department data, released September 16, showed Beijing trimming 2.4% in a single month.

Updated Oct 19

Money Moves

Reducing US Treasury holdings while adding gold reserves

Gold became America's top export in October 2025, a position it had never held in at least two decades of Census records. It has topped the export charts in most months since, including a record $17.88 billion month in February 2026.

Updated Oct 17

Rule Changes

Approved Visa's preparation application; will issue the operating license

China's central bank approved Visa's application to begin preparing a domestic bank card clearing business.

Updated Oct 14

Money Moves

As of October 2026: Announced policy easing on September 29, 2026

China's factory activity expanded in September for the first time in three months. The official purchasing managers' index (PMI) climbed to 50.1 from 49.8 in August, crossing the line that separates growth from contraction.

Updated Oct 2

Rule Changes

As of September 2026: Co-issuer of the subsidy; cut its pledged supplementary lending rate the same day

China's central government will start paying part of the interest on new mortgages for first-time homebuyers on October 1. The subsidy covers 1 percentage point of annual interest on qualified loans for up to five years, the first time Beijing has directly subsidized commercial mortgage interest.

Updated Sep 30

Money Moves

As of May 2026: Pursuing 'appropriately accommodative' monetary policy

For three decades, China's annual growth target was a formality — the economy nearly always blew past it. On March 5, Premier Li Qiang set the 2026 target at 4.5% to 5%, the lowest figure Beijing has published since it began the practice in the early 1990s. The downgrade from the previous three years' 'around 5%' signals that China's leadership now expects structurally slower expansion for the foreseeable future.

Updated May 30