File photo shows an exterior view of the People’s Bank of China, the country’s central bank, in Beijing, capital of China. Photo: IC
China’s central bank has vowed to improve real estate financial management to help stabilize the country’s property market in 2025, and to support the establishment of a new model for real estate development, according to a statement released by the central bank on Thursday.
The People’s Bank of China (PBC), the central bank, held its 2025 macro-prudence work conference, where it said that it will ramp up the macroeconomic and financial analysis, and expand the central bank’s macro-prudence management and financial stability functions based on the development of the real economy and the people’s needs for financial services.
The central bank will also enhance the system guiding macro prudence, and work out more effective policy tools to back up sustained economic recovery, and ensure financial market stability, the bank statement reads.
How to ram up the property market will be a major focus of the central bank, according to the statement. The central bank said that it will improve the financial management of the real estate sector, in order to stabilize and reactivate the property market.
And, the central bank also vowed to promote the internationalization of the yuan, enhance cross-border payment, pricing, investment, and financing functions, and further streamline trade and investment financing.
The central bank said it will develop the offshore yuan market, leverage the role of the currency swap system and the yuan- clearing banks, accelerate the building of Shanghai into an international financial center, and strengthen Hong Kong’s role as an international financial hub.
The bank stated that, by the end of 2024, the yuan became the world’s fourth most-used payment currency, and the third most-used trade financing currency in the world.
Global Times