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People's Bank of China

CNY · Official Website

Latest Statement

🕊️ Dovish

People's Bank of China and State Administration of Foreign Exchange Officials Answer Questions on the Notice on Issuing the Management Measures for Outbound Loans by Domestic Enterprises

2026-03-20

The People's Bank of China has introduced a unified framework for managing outbound loans by domestic enterprises, aiming to better support their financing needs while ensuring macroeconomic stability. This new policy emphasizes the use of the renminbi for cross-border financing and incorporates prudential management measures to mitigate risks associated with cross-border capital flows.

The new policy standardizes the management of outbound loans in both renminbi and foreign currencies, reducing costs for enterprises.
Outbound loan limits for domestic enterprises are tied to their equity, with a macro-prudential adjustment coefficient set at 0.6 to facilitate cross-border operations.
The policy includes risk prevention measures, requiring banks and enterprises to adhere to specific reporting and management obligations.

🏦 Reserves

↑0 ↓1

📝 Classified Sentences

🏦 Reserve Easemp_credit

"To better meet the cross-border operational funding needs of 'going out' enterprises, the macro-prudential adjustment coefficient has been raised from the previous 0.5 to 0.6."

Bank Profile

Mandate

Price stability, exchange rate stability, support economic growth and employment

Decision Types

Loan Prime Rate (LPR), Reserve requirement ratio (RRR), Medium-term Lending Facility (MLF)

Policy Instruments

Open market operations, Standing Lending Facility (SLF), Pledged Supplementary Lending (PSL), Window guidance

Target Indicators

CPI inflation (3%), GDP growth target, M2 money supply, Exchange rate stability

Communication Style

State Council aligned, less forward guidance, uses targeted lending tools

Committee

Monetary Policy Committee (MPC) - advisory role, State Council sets policy

Economic Indicators

Policy Rate	3.00%
USD/CNY	6.8976
GDP Growth	6.8%
M2 Growth	9.1%
10Y Yield	1.81%
2y10y Spread	+0.44%

HISTORICAL TRENDS

Policy Rate

FX Rate

CPI

GDP

10Y Yield

2Y-10Y Spread

Stance

Key Commodities

Top traded commodities for China

Commodity	Price	1D	30D
Brent Crude Oil	127.61 USD/barrel	+6.7%	+74.4%
Iron Ore	100.97 USD/mt	-6.0%	-7.9%
Copper	12,951.34 USD/mt	-0.3%	+55.1%

Recent Statements

Announcement No. 2 of the People's Bank of China in 2026 ⚖️ Neutral

2026-02-09

People's Bank of China and China Securities Regulatory Commission Officials Answer Questions on the Notice Regarding Further Prevention and Handling of Risks Related to Virtual Currencies ⚖️ Neutral

2026-02-06

People's Bank of China Holds 2026 Credit Market Work Conference ⚖️ Neutral

2026-02-04

Governor of the People's Bank of China Pan Gongsheng Meets with David Solomon, Chairman and CEO of Goldman Sachs ⚖️ Neutral

2026-01-29

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