On January 13, the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) decided to raise the macro-prudential adjustment parameter for cross-border financing of enterprises and financial institutions from 1.5 to 1.75.
On January 20, with the authorization of the PBOC, the National Interbank Funding Center (NIFC) announced the Loan Prime Rate (LPR) as follows: the one-year and the over-five-year LPR would be 3.1 percent and 3.6 percent, respectively, unchanged from the previous announcement.
On January 20, the PBOC issued the Administrative Measures for the PBOC's Relending Program to Support Rural Development and Micro and Small Businesses, merging the previous separate central bank lending programs for rural development and micro and small businesses (MSBs) into a unified program starting April 1. This consolidated central bank lending facility will enable six types of regional financial institutions, including city commercial banks, rural commercial banks, rural cooperative banks, rural credit cooperatives, village banks, and private banks, to expand the supply of credit to agricultural-related enterprises, MSBs, and private companies.
On January 22, the PBOC reported to the Financial and Economic Affairs Committee of the National People's Congress on the implementation of monetary policy in 2024.
On January 22, to implement the decisions and arrangements of the Central Economic Work Conference regarding "exploring ways to expand the central bank's macro-prudential regulation and financial stability functions," the PBOC established the Macroprudential and Financial Stability Committee and convened its first plenary meeting.
On January 31, the PBOC and Bank Indonesia (BI) renewed the bilateral currency swap agreement in a size of RMB400 billion (IDR878 trillion).
On February 13, the PBOC released the China Monetary Policy Report (Q4 2024).
On February 20, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and the over-five-year LPR would be 3.1 percent and 3.6 percent, respectively, unchanged from the previous announcement.
On February 28, the PBOC, the All-China Federation of Industry and Commerce, the National Financial Regulatory Administration (NFRA), the China Securities Regulatory Commission (CSRC), and the SAFE jointly held a symposium on financial support for the high-quality development of private enterprises.
On March 18, the PBOC Monetary Policy Committee held its first quarterly meeting of 2025.
On March 20, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and the over-five-year LPR would be 3.1 percent and 3.6 percent, respectively, unchanged from the previous announcement.
On March 25, the PBOC conducted MLF operations in the amount of RMB450 billion. Starting this month, MLF operations shifted from a single-price auction to a multiple-price auction.
On April 21, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and the over-five-year LPR would be 3.1 percent and 3.6 percent, respectively, unchanged from the previous announcement.
On May 7, the PBOC decided to cut the interest rates on central bank lending by 0.25 percentage points. After the cuts, the interest rates on 3-month, 6-month, and 1-year central bank lending for rural development and MSBs registered at 1.2 percent, 1.4 percent, and 1.5 percent, respectively. The interest rates on pledged supplementary lending (PSL) and on specialized structural monetary policy instruments would be 2.0 percent and 1.5 percent, respectively, after the adjustment.
On May 7, the PBOC decided to increase the quota of central bank lending to support rural development and MSBs by RMB300 billion, aiming to incentivize and guide locally incorporated financial institutions to further enhance the supply of credit to agro-related businesses, MSBs, and private enterprises.
On May 7, the PBOC decided to increase the quota of central bank lending for sci-tech innovation and technological transformation by RMB300 billion, aiming to support the implementation of the “two new” policy—the policy for promoting large-scale equipment renewal and consumer goods trade-in—and to guide financial institutions to accelerate credit issuance in related key areas. Following this adjustment, the total quota of central bank lending for sci-tech innovation and technological transformation reached RMB800 billion.
On May 7, the PBOC and the CSRC jointly issued the Announcement on Matters Concerning Supporting the Issuance of Sci-tech Innovation Bonds (Announcement No. 8 [2025] of the PBOC and the CSRC).
On May 8, the PBOC lowered the policy interest rate by 0.1 percentage points, adjusting the 7-day reverse repo rate from 1.50 percent to 1.40 percent.
On May 9, the PBOC issued the Notice on Matters Concerning the Establishment of Central Bank Lending for Service Consumption and Elderly Care. This facility is designed to encourage and guide financial institutions to increase financial support for key service consumption sectors as well as the elderly care industry.
On May 9, the PBOC released the China Monetary Policy Report (Q1 2025).
On May 13, the PBOC and the Banco Central?do?Brasil (BCB) renewed bilateral local currency swap agreement with a size of RMB190 billion (BRL157 billion).
On May 15, the PBOC cut the required reserve ratio (RRR) for financial institutions by 0.5 percentage points (excluding the financial institutions that are already subject to an RRR of 5 percent) and cut the RRR for auto financing companies and financial leasing companies by 5 percentage points.
On May 20, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and the over-five-year LPR would be 3.0 percent and 3.5 percent, respectively, both down 10 basis points from the previous announcement.
On June 9, the PBOC and the Central Bank of the Republic of Türkiye (CBRT) renewed the bilateral currency swap agreement with a size of RMB35 billion (TRY189 billion).
On June 19, the PBOC, together with the National Development and Reform Commission, the Ministry of Finance, the Ministry of Commerce, the NFRA, and the CSRC, jointly issued the Guidelines on Reinforcing Financial Support for Boosting and Expanding Consumption.
On June 20, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and the over-five-year LPR would be 3.0 percent and 3.5 percent, respectively, unchanged from the previous announcement.
On June 23, the PBOC Monetary Policy Committee held its second quarterly meeting of 2025.
