This update concerns a draft amendment to China's central bank law addressing macroeconomic control and financial stability, but lacks specific payments regulation provisions that would clearly map to the PC taxonomy.
While the PBC is responsible for CBDC development in China, this legislative update does not explicitly address digital currency issuance or payment use cases.
Specialism
This update concerns a draft amendment to China's central bank law with broad macroeconomic and financial governance objectives, but lacks specific payment-sector regulatory content that aligns with the PC specialism taxonomy.
The amendment references financial stability maintenance and regulatory effectiveness, which tangentially relate to supervision, but the content is too general and institution-focused rather than payment-firm-specific to warrant higher confidence.
2026-06-25 08:59:55·pthandapani@vixio.com
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TITLE: China's National People's Congress Submits People's Bank of China Law Amendment for Initial Review
BODY:
On November 23, 2024, China's National People's Congress (NPC) Standing Committee submitted a draft amendment to the People's Bank of China (PBC) Law for initial review at its twenty-third session of the fourteenth NPC Standing Committee.
The current PBC Law was enacted in 1995 and last amended in 2003. The amendment addresses evolving developments in China's financial sector and aims to strengthen financial governance. The revised law seeks to establish a scientifically sound monetary policy framework and comprehensive macroprudential management system that balances development and financial security. Key objectives include enhancing the central bank's macroeconomic control functions, directing financial services toward supporting the real economy, expanding financial stability maintenance responsibilities, and refining foundational central bank management systems to improve regulatory effectiveness.
The amendment is intended to reinforce the legal framework supporting the PBC's core responsibilities, including monetary policy formulation and execution, macroeconomic control, and financial stability maintenance. The revision reflects the need to modernise central bank legislation in response to recent changes in China's financial landscape and to support high-quality economic development.
The draft amendment will proceed through the NPC's legislative review process. Further details regarding the specific provisions, timeline for subsequent reviews, and expected adoption date have not been disclosed.
REFERENCES:
China National People's Congress. "中国人民银行法修订草案已提请首次审议" [Draft Amendment to People's Bank of China Law Submitted for Initial Review]. Accessed via China NPC website.