PBOC monetary policy department director Xie Guangqi said the central bank is refining its monetary policy framework, shifting emphasis from quantity-based to price-based control to foster an appropriate monetary-financial environment. He said a single loan metric no longer fully captures real-economy financing and advised tracking loans and bond issuance together, and focusing on interest rates, financing structure and other indicators that more comprehensively reflect social financing conditio

PBOC monetary policy department director Xie Guangqi said the central bank is refining its monetary policy framework, shifting emphasis from quantity-based to price-based control to foster an appropriate monetary-financial environment. He said a single loan metric no longer fully captures real-economy financing and advised tracking loans and bond issuance together, and focusing on interest rates, financing structure and other indicators that more comprehensively reflect social financing conditions.