On August 10, financial outlets reported that the People's Bank of China (PBOC) has recently issued the People's Bank of China "15th Five-Year" Reform and Development Plan (the "Plan"). Alongside the Plan, the PBOC has also formulated and released nine specific action plans for related sub-sectors.

The Plan emphasizes the establishment of a scientifically sound and stable monetary policy system, alongside a comprehensive macroprudential management framework. It calls for strengthening the modern monetary policy framework with Chinese characteristics, improving the mechanism for base money issuance, and fully leveraging the aggregate and structural functions of monetary and credit policy tools.

Furthermore, the Plan aims to refine the market-based interest rate formation, regulation, and transmission mechanisms. It highlights the need to let the market play a decisive role in exchange rate formation, maintaining the renminbi's exchange rate at a basically stable and balanced level. The Plan also outlines steps to improve the macroprudential management system, expand the central bank's macroprudential and financial stability functions, broaden the scope of macroprudential management, and enrich the range of macroprudential tools. A macroprudential monitoring and assessment mechanism will be established, and the financial stability guarantee system will be strengthened to prudently address key financial risks across various sectors.