BEIJING – The People's Bank of China (PBOC), China's central bank, has issued a reform and development plan for the 2026-2030 period, making work arrangements aimed at accelerating the building of a nation with a strong financial sector and improving the central banking system.

The plan said measures will be taken to "prudently advance high-level financial opening-up," noting efforts will be made to expand the global use of the renminbi in international trade, investment and financing, deepen two-way financial market access, quicken steps to build Shanghai into an international financial center and enhance the role of Hong Kong as a global financial center.

As part of the opening-up drive, the PBOC will enhance the multi-tiered and broad-coverage Cross-Border Interbank Payment System (CIPS) and push forward the development of offshore renminbi markets.

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On the domestic monetary policy front, the plan sets out to build a more scientific and robust framework by refining the modern monetary policy system with Chinese characteristics, improving the base-money issuance mechanism, and making better use of both aggregate and structural tools.

It stresses the need to enhance market-based interest rate formation, transmission, and adjustment mechanisms, while allowing the market to play a decisive role in exchange-rate determination and keeping the renminbi broadly stable at a reasonable and equilibrium level.

To fortify financial stability, the central bank will expand the coverage of macro-prudential management, enrich its policy toolkit, and establish a monitoring and evaluation system to mitigate systemic risks in key areas.

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A major pillar of the plan is to strengthen the real economy's access to quality financial services. The PBOC has pledged to build a precise and effective policy system to support major strategies, key sectors, and address weak links. This includes developing a financial system tailored to scientific and technological innovation. It also aims to enhance green and low-carbon financing, expand inclusive finance, improve the pension finance system and accelerate digital finance.

Looking ahead to the 2026-2030 period, the PBOC says it will ensure all measures in the plan are executed effectively to boost China's strength in finance and support high-quality economic development.