Pan Gongsheng: Continuously enhance the role of the central bank's policy interest rate and narrow the width of the short-term interest rate corridor
2025-10-31 05:10:48
On October 31st, the recently published "Suggestions of the Central Committee of the Communist Party of China on Formulating the 15th Five-Year Plan for National Economic and Social Development" published a signed article by Pan Gongsheng, Governor of the People's Bank of China, entitled "Building a Scientific and Steady Monetary Policy System and a Comprehensive Macroprudential Management System". Pan Gongsheng pointed out in the article that the market-oriented interest rate formation, regulation and transmission mechanism should be improved. Continuously enhance the role of the central bank's policy interest rate, narrow the width of the short-term interest rate corridor, and further smooth the transmission from the central bank's policy interest rate to the market base rate, and then to various financial marekt rates. Improve the pricing benchmark of loan interest rates, improve the quality of the loan market quotation rate (LPR) quotation, and more truly reflect the level of loan market interest rates.
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