(Yicai) Aug. 11 -- China’s central bank will implement comprehensive reforms during the country’s 15th Five-Year Plan period, with the strengthening of monetary policy and macroeconomic regulatory capabilities at the top of its agenda.

The People’s Bank of China released its own reform and development plan covering the five years through 2030 yesterday, accompanied bynine supporting action plans. Reforms will span monetary policy, financial markets, and financial sector opening-up.

The PBOC intends to build a more robust monetary policy framework and comprehensive macroprudential management system, improve the mechanism for supplying base money, and the way market interest rates are formed, regulated, and transmitted. It will also seek to keep the Chinese yuan broadly stable at a reasonable and balanced level.

Moreover, the bank will expand the reach of macroprudential oversight, broaden its policy toolkit, and establish a monitoring and assessment framework. And it plans to strengthen safeguards for financial stability and move to contain risks in key parts of the financial system.

The PBOC will also further enhance its ability to serve the real economy, including by building a financial system suited to technological innovation, developing a high-quality bond market for the tech sector, increasing financial support for green and low-carbon development, and improving the inclusive finance and the pension system.

In terms of opening-up, the PBOC intends to enhance the cross-border connectivity of China’s financial infrastructure, expand the yuan’s use in international trade and investment, and build a multi-tiered and widely accessible cross-border yuan payments system.

Finally, the plan calls for improving financial statistics, payment systems, treasury operations, and cash services, steadily developing the digital yuan, promoting the high-quality development of the credit reporting industry, and strengthening anti-money laundering regulation.

Editors: Dou Shicong, Futura Costaglione