At the 2026 China Development Forum held today (22nd), People's Bank of China Governor Pan Gongsheng stated that financial support for China's economic structural transformation will be intensified.

Governor Pan indicated that a moderately accommodative monetary policy will continue to be implemented. Currently, China's social financing conditions are in an accommodative state, with reasonable growth in the overall financial supply. A combination of monetary policy tools, including reserve requirement ratios, policy interest rates, and open market operations, will be utilized to maintain ample liquidity.

He explained that, according to the International Monetary Fund's classification standards, China implements a managed floating exchange rate regime. Over the past approximately three months this year, the renminbi has appreciated about 1.3% against the US dollar, 3.7% against the euro, 3.2% against the Japanese yen, and 2.4% against the British pound. China has no need, nor any intention, to gain trade advantages through currency devaluation.

Pan Gongsheng further stated that the People's Bank of China will steadily advance high-level opening of the financial sector. This will involve deepening the interconnectivity of financial markets and cross-border linkages of payment systems to facilitate increased investment by global investors in China's financial markets.