On January 17, the People’s Bank of China (PBC) conducted MLF operations in the amount of RMB700 billion, with an interest rate of 2.85 percent.

On January 17, the PBC lowered the interest rate on the Standing Lending Facility (SLF). Specifically, the overnight interest rate, the 7-day interest rate, and the 1-month interest rate were lowered to 2.95 percent, 3.1 percent, and 3.45 percent from 3.05 percent, 3.2 percent, and 3.55 percent, respectively.

On January 20, with the authorization of the PBC, the National Interbank Funding Center (NIFC) announced the Loan Prime Rate (LPR) as follows: the one-year and the above-five-year LPR were 3.7 percent and 4.6 percent, respectively.

On January 21, the PBC and Bank Indonesia (BI) renewed the bilateral currency swap agreement with a size of RMB250 billion, or IDR 550 trillion.

, the PBC reported to the Financial and Economic Affairs Committee of the National People’s Congress (NPC) on monetary policy implementation in 2021.

On January 29, the PBC conducted the first Central Bank Bills Swap (CBS) operation in 2022. Open to primary dealers of open market operations, the operation registered RMB5 billion, with a term of three months and at a rate of 0.10 percent.

On January 29, the PBC and the State Administration of Foreign Exchange (SAFE) jointly released the Notice on Overseas Lending by Banking Institutions (Yinfa No. 27 [2022]) to further support and regulate overseas lending by domestic banks.

On February 8, the PBC and the China Banking and Insurance Regulatory Commission (CBIRC) released the Notice on the Exclusion of Loans for Affordable Rental Housing from Real Estate Loan Concentration Management (Yinfa No. 30 [2022]), clarifying that loans for affordable rental housing projects shall be excluded from real estate loan concentration management.

On February 11, the PBC released the China Monetary Policy Report (Q4 2021).

On February 11, the PBC issued the Administrative Measures for the Bond Lending Business in the Interbank Bond Market (Announcement No. 1 [2022]) to improve the systems of bond lending in the interbank bond market and to promote better functioning and sound development of the financial markets.

On February 15, the PBC conducted MLF operations in the amount of RMB300 billion, with an interest rate of 2.85 percent.

On February 16, the PBC and the Bank of Albania (BA) renewed the bilateral currency swap agreement with a size of RMB2 billion, or ALL33 billion.

On February 21, with the authorization of the PBC, the NIFC announced the LPR as follows: the one-year and the above-five-year LPR were 3.7 percent and 4.6 percent, respectively.

On February 21, the PBC issued RMB25 billion of RMB-denominated central bank bills in Hong Kong, including RMB10 billion of three-month bills and RMB15 billion of one-year bills, at a rate of 2.50 percent and 2.70 percent, respectively.

On February 28, the PBC conducted the second CBS operation in 2022. Open to primary dealers of open market operations, the operation registered RMB5 billion, with a term of three months and at a rate of 0.10 percent.

On March 8, the PBC published a press release stating that in 2022, according to the law, it will turn over more than RMB1 trillion of its profits to the central government. The funds will primarily be used for tax refunds and transfer payments to local governments so as to provide relief to businesses, to stabilize employment, and to protect the people’s livelihood.

On March 15, the PBC conducted MLF operations in the amount of RMB200 billion, with an interest rate of 2.85 percent.

On March 16, the PBC approved the establishment of China CITIC Financial Holdings (in preparation) and Beijing Financial Holdings Group.

On March 21, with the authorization of the PBC, the NIFC announced the LPR as follows: the one-year and the above-five-year LPR were 3.7 percent and 4.6 percent, respectively.

On March 22, the PBC issued RMB5 billion of RMB-denominated central bank bills in Hong Kong, with a term of six months and at a rate of 2.60 percent.

In late March, the PBC Monetary Policy Committee held its first quarterly meeting in 2022.

On March 29, the PBC conducted the third CBS operation in 2022. Open to primary dealers of open market operations, the operation registered RMB5 billion, with a term of three months and at a rate of 0.10 percent.

On March 30, the PBC issued the Opinions on Ensuring Financial Support for Full Promotion of Key Rural Revitalization Initiatives in 2022 (Yinfa No. 74 [2022]), guiding financial institutions to improve allocation of resources and to provide more financial resources for key areas, such as major agricultural products, rural industries, and rural construction.

On April 15, the PBC reported to the Financial and Economic Affairs Committee of the National People’s Congress (NPC) on monetary policy implementation in Q1 2022.

On April 15, the PBC conducted MLF operations in the amount of RMB150 billion, with an interest rate of 2.85 percent.

On April 18, the PBC and the SAFE jointly issued the Notice on Strengthening Financial Services for COVID-19 Containment and Socio-Economic Development (Yinfa No. 92 [2022]), launching 23 policy measures to strengthen financial services and to provide support for the real economy in the three areas of providing relief for entities in distress, removing obstacles in the national economic cycle, and promoting the development of foreign trade and exports.

On April 20, with the authorization of the PBC, the NIFC announced the Loan Prime Rate (LPR) as follows: the one-year and above-five-year LPR were 3.7 percent and 4.6 percent, respectively.

On April 25, the PBC lowered the reserve requirement ratio (RRR) for financial institutions by 0.25 percentage points (excluding those that have already implemented an RRR of 5 percent). At the same time, for urban commercial banks that do not operate across provinces and rural commercial banks with an RRR higher than 5 percent, an additional 0.25 percentage points will be reduced.

On April 28, the PBC, together with the Ministry of Science and Technology (MOST) and the Ministry of Industry and Information Technology (MOIIT), issued the Notice on Establishing a Central Bank Lending Facility for Sci-Tech Innovation (Yinfa No. 104 [2022]) to guide financial institutions to grant loans to technology enterprises under the premise of making independent decisions and taking risks on their own, so as to promote sci-tech innovation.

On April 29, the PBC conducted the fourth CBS operation in 2022. Open to primary dealers of open market operations, the operation registered RMB5 billion, with a term of three months and at a rate of 0.10 percent.

On April 29, the PBC and the CBIRC issued the Notice on Issuance of Total Loss-Absorbing Capacity (TLAC) Eligible Non-capital Bonds by Global Systemically Important Banks (Yinfa No. 100 [2022]), clarifying the core elements and issuance management regulations of TLAC-eligible non-capital bonds to provide a basis for the orderly organization of their issuance by global systemically important banks.

On April 30, the PBC and the National Development and Reform Commission (NDRC) jointly issued the Notice on Launching the Pilot Program of Special Central bank Lending for Inclusive Elderly Care Services (Yinfa No. 107 [2022]), with a view to guiding financial institutions to provide preferential loans for inclusive elderly care institutions and lowering their financing costs.

On May 6, the PBC, together with the NDRC and the National Energy Administration (NEA), issued the Notice on Providing an Additional RMB100 Billion Quota of Special Central bank Lending for the Clean and Efficient Use of Coal (Yinfa No. 108 [2022]) , with the dedicated purpose of supporting coal development and use and enhancing the coal reserve capacity.

On May 9, the PBC released the China Monetary Policy Report (Q1 2022).

On May 15, the PBC lowered the reserve requirement ratio for foreign currency deposits of financial institutions by 1 percentage point, from 9 percent to 8 percent.

On May 15, the PBC and the CBIRC jointly issued the Notice on Relevant Matters Regarding Adjusting the Differentiated Housing Credit Policies (Yinfa No. 115 [2022]), adjusting the lower limit of the interest rate for commercial personal housing loans for the first housing to no less than the LPR of the corresponding period minus 20 basis points.

On May 16, the PBC conducted MLF operations in the amount of RMB100 billion, with an interest rate of 2.85 percent.

On May 16, the PBC and the Ministry of Transport (MOT) jointly issued the Notice on the Establishment of Special Central bank Lending for Transportation and Logistics (Yinfa No. 120 [2022]), guiding financial institutions to extend greater financial support to such entities as road freight transport operators and truck drivers that have been severely affected by Covid-19.

On May 20, with the authorization of the PBC, the NIFC announced the LPR as follows: the one-year and above-five-year LPR were 3.7 percent and 4.45 percent, respectively.

On May 23, the PBC issued RMB25 billion of RMB-denominated central bank bills in Hong Kong, including RMB10 billion of three-month bills and RMB15 billion of one-year bills, with a rate of 2.49 percent and 2.80 percent, respectively.

On May 24, the PBC issued the Notice on Promoting the Establishment of Long-term Mechanisms for Boosting the Financial Sector’s Confidence, Willingness, Capacity and Expertise in Lending to Micro and Small Businesses(MSBs) (Yinfa No. 117 [2022]), focusing on improving the financial institutions’ willingness, capacity, and sustainability of serving MSBs and other market entities.

On May 27, the PBC, the CSRC, and the SAFE jointly issued Announcement No. 4 [2022] (on matters related to further facilitating foreign institutional investments in China's bond market), coordinating and promoting the opening up of the interbank and exchange bond markets.

On May 30, the PBC conducted the fifth CBS operation in 2022. Open to primary dealers of open market operations, the operation registered RMB5 billion, with a term of three months and at a rate of 0.10 percent.

On June 6, the PBC and the Central Bank of the Republic of Turkey (CBRT) renewed the bilateral local currency swap agreement with a size of RMB35 billion, or TRY85 billion.

On June 15, the PBC conducted MLF operations in the amount of RMB200 billion, with an interest rate of 2.85 percent.

On June 20, with the authorization of the PBC, the NIFC announced the LPR as follows: the one-year and above-five-year LPR were 3.7 percent and 4.45 percent, respectively.

On June 20, the PBC issued the Notice on Supporting Cross-border RMB Settlement for New Forms of Foreign Trade (Yinfa No. 139 [2022]) to support banks and payment institutions in better serving the development of new forms of foreign trade.

On June 21, the PBC issued RMB5 billion of RMB-denominated central bank bills in Hong Kong, with a term of six months and at a rate of 2.30 percent.

On June 24, the PBC Monetary Policy Committee held its second quarterly meeting in 2022.

On June 29, the PBC conducted the sixth CBS operation in 2022. Open to primary dealers of open market operations, the operation registered RMB5 billion, with a term of three months and at a rate of 0.10 percent.

On June 29, the PBC and relevant departments supported the China Development Bank (CDB) and the Agricultural Development Bank of China (ADBC) in launching financial instruments totaling RMB300 billion to supplement the capital for major projects, including for new infrastructure.