Xuanchang Neng: The People's Bank of China continues to promote the transformation of the monetary policy framework, paying more attention to the role of price-based control tools such as interest rates.

Financial Intelligence APP learned that from May 9th to 12th, 2025, People's Bank of China Vice President Xuan Changneng will attend the annual economic conference of the Central Bank of Iceland and the Bank for International Settlements (BIS) President's meeting in Basel, Switzerland respectively. Xuan Changneng will deliver a keynote speech on the evolution of China's monetary policy framework at the annual economic conference of the Central Bank of Iceland. He pointed out that in recent years, profound changes have taken place in the economic and financial structure of China, and the People's Bank of China has continuously promoted the transformation of the monetary policy framework. Firstly, the focus has shifted from quantity targets to the role of price-based control tools such as interest rates. Secondly, a more market-oriented interest rate control mechanism has been further improved, with the overnight reverse repurchase operation rate in the open market being the primary policy rate.