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2025-10-31 13:11:48
[Pan Gongsheng: Continuously Enhance the Role of Central Bank Policy Interest Rates and Narrow the Short-Term Interest Rate Corridor] A recently published supplement to the "Guiding Reader on the 'Suggestions of the CPC Central Committee on Formulating the 15th Five-Year Plan for National Economic and Social Development'" features an article by Pan Gongsheng, Governor of the People's Bank of China, entitled "Building a Scientific and Sound Monetary Policy System and a Comprehensive Macro-prudential Management System." In the article, Pan Gongsheng points out the need to improve the market-based interest rate formation, regulation, and transmission mechanisms. He emphasizes continuously enhancing the role of central bank policy interest rates, narrowing the short-term interest rate corridor, and further facilitating the transmission from central bank policy interest rates to market benchmark interest rates and then to various financial market interest rates. He also calls for improving the benchmark for loan interest rate pricing, enhancing the quality of the Loan Prime Rate (LPR) quotes, and more accurately reflecting the level of loan market interest rates.
