The revision explicitly establishes the PBC's legal authority to issue and regulate the digital yuan (digital renminbi), making CBDC framework development the most prominent payments-related element.
The expansion of the PBC's supervisory responsibilities over money market, bill market, and financial infrastructure relates to clearing and settlement system oversight and financial infrastructure governance.
Specialism
While the revision mentions financial stability and supervisory responsibilities, the content is primarily a high-level institutional and legislative reform of China's central bank framework rather than specific payment compliance rules.
The revision addresses macroprudential policy and financial institution monitoring, but lacks concrete payment-specific regulatory obligations that would clearly map to the payments compliance taxonomy.
2026-06-25 08:59:54·pthandapani@vixio.com
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TITLE: China's National People's Congress Proposes Revision of People's Bank of China Law
BODY:
On June 23, 2024, China's National People's Congress (NPC) Standing Committee submitted a draft revision of the People's Bank of China (PBC) Law for initial review at its twenty-third session. The revision aims to accelerate the refinement of the central bank system and modernise the legal framework governing China's monetary authority.
The draft revision comprises eight chapters and 54 articles, introducing substantial modifications across several areas. Key changes include enriching the PBC's overall work requirements, perfecting foundational central bank management systems, and establishing a dual-pillar regulatory framework combining monetary policy and macroprudential policy. The revision also expands the PBC's financial stability maintenance functions and enhances regulatory effectiveness.
Specific amendments address the PBC's foundational management systems by supplementing and refining the institution's responsibilities based on practical experience. The draft clarifies the legal status of the digital yuan (digital renminbi), establishing the PBC's authority to formulate financial industry comprehensive statistical standards and implement financial industry comprehensive statistics. The revision also strengthens the PBC's financial and budgetary management systems.
Regarding the dual-pillar framework, the draft expands the PBC's monetary policy toolkit and clarifies procedures for providing loans to banking financial institutions as needed for monetary policy implementation. It also establishes the PBC's coordination with relevant State Council departments in formulating and implementing macroprudential policies.
To strengthen financial stability, the draft clarifies the PBC's supervisory responsibilities over the money market, bill market, and relevant financial infrastructure, and grants it authority to implement countercyclical and cross-cyclical adjustment measures. The revision enhances monitoring and supervision of financial institutions' compliance with monetary policy requirements and establishes stricter legal penalties for violations, increasing enforcement costs. Additionally, the draft introduces provisions on extraterritorial application and blocking and countermeasures.