
The PBOC extends its emulation of the Fed’s playbook
China’s central bank advances its transiton towards price-based monetary policy
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China’s central bank advances its transiton towards price-based monetary policy

The implications for liquidity and interest rates in China.

Beijing uses fiscal subsidies to deliver targeted interest rate cuts.

Creating balance sheet capacity for “more proactive fiscal policy” is set to be the key.

The outlook for Chinese fiscal policy in the second half of 2026.

China's trade surplus could take the pressure off PBOC to loosen

How Beijing plans to use monetary policy to support Chinese stocks and bonds

Why the property crisis has made China's capital market liquidity far less dependent upon leverage sourced from the banking system.

The rise of less-credit intensive growth drivers and China's capital markets could mean a shift in the central bank's triggers for monetary tightening.

PBOC to provide emergency liquidity support to China's non-bank financial institutions.

Expectations of renminbi appreciation seen driving liquidity expansion and low interest rates.

And why Chinese deficit hawks are fixated with local government debt.

And why monetary policy can't rescue the Chinese property market.

Beijing wants more structurally optimised fiscal spending and targeted monetary policy.

The overseas expansion of Chinese companies is driving renminbi internationalisation; asset quality of China's commercial banks remains under pressure due to property.