Three months later, plans for potentially the biggest shift in years in how China conducts monetary policy are starting to surface.
Pan Gongsheng, governor of the People's Bank of China (PBOC), on Wednesday gave the clearest acknowledgment that the monetary authority is looking into trading government bonds in the secondary market as a way to regulate liquidity. The PBoC is studying the implementation with the finance ministry and it will be a gradual process, he said in a speech.
That responds to Xi's directive to "enrich the monetary policy toolbox" and "gradually increase government bond buying and selling in central bank open market operation” in a speech during a financial policy meeting last year, made public only in the book published in March.
On top of that, Pan hinted at other changes to the interest-rate system. The bank may consider moving to using a single short-term rate to guide markets. It's also considering narrowing the corridor within which market rates are allowed to fluctuate to signal a clearer policy target.
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