Pan Gongsheng

Rule Changes

Leading the policy-rate overhaul

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

Rule Changes

Oversees approval of Visa's market entry

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

Updated Oct 14

Money Moves

As of July 2026: Backed Libya's entry into CIPS and the Chinese bond market

For years, a Libyan bank paying a Chinese supplier had to send the money through a US dollar bank first. This week, Libya's central bank agreed to skip that step.

Updated Jul 19

Money Moves

As of May 2026: Leading monetary easing campaign

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