People’s Bank of China Issues the 15th Five-Year Reform and Development Plan and Sets Out Key Tasks

On August 10, 2026, the People’s Bank of China officially released the People’s Bank of China 15th Five-Year Reform and Development Plan (the “Plan”).

The Plan is accompanied by nine action plans for specific sectors. It calls for improving the modern monetary policy framework, the base money injection mechanism, and interest rate and exchange rate mechanisms, as well as expanding macroprudential management and financial stability functions. It proposes establishing a science and technology finance system and a Technology Board in the bond market; improving green finance, inclusive finance, elderly care finance, and digital finance; enhancing the multi-tiered financial market system; advancing the internationalization of the renminbi, two-way opening-up of financial markets, and the development of cross-border payment systems; developing Shanghai into an international financial center and consolidating and enhancing Hong Kong’s status as an international financial center; optimizing financial infrastructure; improving payment services; and developing the digital renminbi, credit reporting, and anti-money laundering regulation.