On January 17, the People's Bank of China (PBOC) conducted medium-term lending facility (MLF) operations in the amount of RMB700 billion, with an interest rate of 2.85 percent.

On January 17, the PBOC 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 PBOC, the National Interbank Funding Center (NIFC) announced the Loan Prime Rate (LPR) as follows: the one-year and the over-five-year LPR were 3.7 percent and 4.6 percent, respectively.

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

On January 24, the PBOC 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 PBOC 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 PBOC and the State Administration of Foreign Exchange (SAFE) jointly released the Notice on Overseas Lending by Banking Institutions to further support and regulate overseas lending by domestic banks.

On February 8, the PBOC 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, clarifying that loans for affordable rental housing projects shall be excluded from real estate loan concentration management.

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

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

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

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

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

On February 21, the PBOC 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 PBOC 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 PBOC published a press release stating that in 2022, according to 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 PBOC conducted MLF operations in the amount of RMB200 billion, with an interest rate of 2.85 percent.

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

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

On March 22, the PBOC 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 PBOC Monetary Policy Committee held its first quarterly meeting of 2022.

On March 29, the PBOC 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 PBOC issued the Opinions on Ensuring Financial Support for Full Promotion of Key Rural Revitalization Initiatives in 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 PBOC reported to the Financial and Economic Affairs Committee of the NPC on monetary policy implementation in Q1 2022.

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

On April 18, the PBOC and the SAFE jointly issued the Notice on Strengthening Financial Services for COVID-19 Containment and Socio-Economic Development, 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 PBOC, the NIFC announced the LPR as follows: the one-year and over-five-year LPR were 3.7 percent and 4.6 percent, respectively.

On April 25, the PBOC 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 PBOC, 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 to guide financial institutions to grant loans to technology enterprises based on their independent decisions and their taking risks on their own so as to promote sci-tech innovation.

On April 29, the PBOC 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 PBOC and the CBIRC issued the Notice on Issuance of Total Loss-Absorbing Capacity (TLAC) Eligible Non-capital Bonds by Global Systemically Important Banks, 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 PBOC 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, with a view to guiding financial institutions to provide preferential loans for inclusive elderly care institutions and to lower their financing costs.

On May 6, the PBOC, 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, with the dedicated purpose of supporting coal development and use and enhancing the coal reserve capacity.

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

On May 15, the PBOC 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 PBOC and the CBIRC jointly issued the Notice on Relevant Matters Regarding Adjusting the Differentiated Housing Credit Policies, adjusting the lower limit of the interest rate for commercial personal housing loans for first housing to no less than the LPR in the corresponding period minus 20 basis points.

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

On May 16, the PBOC and the Ministry of Transport (MOT) jointly issued the Notice on the Establishment of Special Central Bank Lending for Transportation and Logistics, 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 PBOC, the NIFC announced the LPR as follows: the one-year and over-five-year LPR were 3.7 percent and 4.45 percent, respectively.

On May 23, the PBOC 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 2.49 percent and 2.80 percent, respectively.

On May 24, the PBOC 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), focusing on improving the financial institutions’ willingness, capacity, and sustainability to serve MSBs and other market entities.

On May 27, the PBOC, the CSRC, and the SAFE jointly issued Announcement No. 4 [2022] (on matters regarding 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 PBOC 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 PBOC and the Central Bank of the Republic of Turkey (CBRT) renewed the bilateral currency swap agreement in a size of RMB35 billion, or TRY85 billion.

On June 15, the PBOC 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 PBOC, the NIFC announced the LPR as follows: the one-year and over-five-year LPR were 3.7 percent and 4.45 percent, respectively.

On June 20, the PBOC issued the Notice on Supporting Cross-border RMB Settlements for New Forms of Foreign Trade to support banks and payment institutions in better serving the development of new forms of foreign trade.

On June 21, the PBOC 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 PBOC Monetary Policy Committee held its second quarterly meeting of 2022.

On June 29, the PBOC 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 PBOC 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 capital for major projects, including for new infrastructure.

On July 1, the PBOC and the Hong Kong Monetary Authority (HKMA) signed a standing swap agreement, expanding the scale of the bilateral currency swap to RMB800 billion, or HKD940 billion.

On July 4, the PBOC, the Hong Kong Securities and Futures Commission (SFC), and the HKMA issued a joint announcement launching the Mainland–Hong Kong interest rate swap market connectivity cooperation (Swap Connect) to facilitate foreign investors’ participation in the domestic RMB interest rate swap market and to support the establishment of a high-level financial opening paradigm.

On July 8, the PBOC issued the Notice by the General Administration Department of the PBOC on Publishing the Interim Measures for the Administration of the Gold Leasing Business to promote the standardized development of the gold leasing business, to prevent market risks, and to better serve the real economy.

On July 8, the PBOC and the CBIRC solicited public opinions on the Assessment Methodology of Systemically Important Insurance Companies (Exposure Draft).

On July 8, the PBOC issued the China Regional Financial Operation Report (2022).

On July 13, the PBOC and the Monetary Authority of Singapore (MAS) renewed a bilateral currency swap agreement of RMB300 billion, or SGD65 billion.

On July 14, the PBOC reported to the Financial and Economic Affairs Committee of the NPC on monetary policy implementation in H1 2022.

On July 15, the PBOC conducted MLF operations in the amount of RMB100 billion, with an interest rate of 2.85 percent.

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

On July 25, the PBOC and the Ministry of Culture and Tourism (MCT) jointly issued the Notice on Financial Support for the Recovery and Development of the Cultural and Tourism Industry, guiding banking financial institutions to improve and strengthen credit services for cultural and tourism enterprises.

On July 29, the PBOC conducted the seventh 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 August 10, the PBOC released the China Monetary Policy Report (Q2 2022).

On August 12, the PBOC and the CBIRC jointly issued the Notice on Issues Concerning the Issuance of Undated Capital Bonds by Insurance Companies, clarifying the core elements and issuance management of undated capital bonds of insurance companies.

On August 15, the PBOC lowered the interest rate on the SLF. Specifically, the overnight interest rate, the 7-day interest rate, and the 1-month interest rate were lowered to 2.85 percent, 3.00 percent, and 3.35 percent from 2.95 percent, 3.10 percent, and 3.45 percent, respectively.

On August 15, the PBOC conducted MLF operations in the amount of RMB400 billion, with an interest rate of 2.75 percent.

On August 22, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and over-five-year LPR were 3.65 percent and 4.30 percent, respectively.

On August 22, the PBOC 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 1.90 percent and 2.30 percent, respectively.

On August 24, the PBOC and the relevant departments increased the amount of policy and development financial instruments by more than RMB300 billion.

On August 30, the PBOC conducted the eighth 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 August 31, the PBOC approved the application of Shenzhen Zhaorong Investment Holdings Co., Ltd. to operate as a financial holding company and allowed the company to be renamed China Merchants Financial Holdings Co., Ltd.

On September 7, the PBOC and the Central Bank of Laos (CBL) signed a Memorandum of Understanding (MOU) on the establishment of RMB clearing arrangements in Laos. On September 20, the Vientiane Branch of the Industrial and Commercial Bank of China (ICBC) was authorized to serve as the clearing bank for RMB business in Laos.

On September 9, the PBOC and the CIBRC released the list of China’s systemically important banks for 2022.

On September 15, the PBOC lowered the reserve requirement ratio for foreign currency deposits of financial institutions by 2 percentage points, from 8 percent to 6 percent.

On September 15, the PBOC conducted MLF operations in the amount of RMB400 billion, with an interest rate of 2.75 percent.

On September 19, the PBOC and the National Bank of Kazakhstan (NBK) signed an MOU on the establishment of RMB clearing arrangements in Kazakhstan. On September 23, the Industrial and Commercial Bank of China (ICBC Almaty) Joint Stock Company was authorized to serve as the clearing bank for RMB business in Kazakhstan.

On September 20, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and over-five-year LPR were 3.65 percent and 4.30 percent, respectively.

On September 20, the PBOC issued RMB5 billion of RMB-denominated central bank bills, with a term of six months and at a rate of 2.20 percent.

On September 23, the PBOC Monetary Policy Committee held its third quarterly meeting of 2022.

On September 23, the PBOC and the Bank of China Macau Branch renewed their RMB business clearing agreement.

On September 27, the PBOC, together with the NDRC, the MOF, the National Audit Office, and the CBIRC, issued the Notice on Matters Regarding the Establishment of a Central Bank Lending Facility for Equipment Upgrading, guiding financial institutions to grant loans, based on their independent decision-making and risk taking, to the manufacturing and social service sectors, micro, small, and medium-sized enterprises (MSMEs), and self-employed businesses for equipment upgrading.

On September 28, the PBOC decided to raise the foreign exchange risk reserve ratio for forward foreign exchange sales from zero to 20 percent.

On September 29, the PBOC and the CBIRC issued the Notice on Temporary Adjustments to the Differential Housing Credit Policies, deciding to temporarily lower the floor for interest rates on newly issued first-home mortgages in some cities.

On September 29, the PBOC conducted the ninth 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 September 30, the PBOC published the Notice on Lowering the Interest Rates on Personal Housing Provident Fund Loans for First-time Home Buyers, deciding to lower the above-mentioned interest rate by 0.15 percentage points. Starting from October 1, 2022, the interest rates on 5-year-and-below loans and on over-5-year loans will be adjusted to 2.6 percent and 3.1 percent, respectively. Meanwhile, the interest rate floors will remain unchanged for second-home buyers.

On October 8, the PBOC and the European Central Bank (ECB) renewed the bilateral currency swap agreement in a size of RMB350 billion, or EUR45 billion.

On October 17, the PBOC conducted MLF operations in the amount of RMB500 billion, with an interest rate of 2.75 percent.

On October 20, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and over-five-year LPR were 3.65 percent and 4.30 percent, respectively.

On October 24, the PBOC reported to the Financial and Economic Affairs Committee of the NPC on monetary policy implementation in the first three quarters of 2022.

On October 25, the PBOC and the SAFE decided to raise the macro-prudential adjustment parameter for cross-border financing of enterprises and financial institutions from 1 to 1.25, in order to further improve the unified macro-prudential management of cross-border financing, to expand the source of cross-border funds for enterprises and financial institutions, and to guide them to optimize their asset and liability structures.

On October 31, the PBOC conducted the tenth 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 November 2, the PBOC and the State Bank of Pakistan (SBP) signed a Memorandum of Understanding (MOU) on establishing Renminbi (RMB) clearing arrangements in Pakistan. On November 15, the Karachi Branch of the Industrial and Commercial Bank of China (ICBC) was authorized to serve as the clearing bank for RMB business in Pakistan.

On November 8, the PBOC issued the Notice on Supporting Financial Institutions in Implementing Temporary Interest Reductions for Inclusive Loans to Micro and Small Businesses(MSBs), giving incentive funding to the relevant financial institutions that implemented interest reductions for inclusive MSB loans in Q4 2022, with the funding equaling the amount of reductions.

On November 8, six departments, including the PBOC, CBIRC, MOF, NDRC, Ministry of Industry and Information Technology (MIIT), and State Administration for Market Regulation (SAMR), jointly released the Notice on Further Increasing Support for Deferred Repayments of Loan Principals and Interest by Micro and Small Businesses. For those MSB loans that were due in Q4 2022, banking institutions were encouraged to defer repayments of the principal and the interest in accordance with market-based principles.

On November 15, the PBOC conducted MLF operations in the amount of RMB850 billion, with an interest rate of 2.75 percent.

On November 16, the PBOC released the China Monetary Policy Report (Q3 2022).

On November 21, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and over-five-year LPR were 3.65 percent and 4.30 percent, respectively.

On November 21, the PBOC 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 2.09 percent and 2.50 percent, respectively.

On November 30, the PBOC conducted the eleventh 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 December 5, the PBOC 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).

On December 5, the PBOC and the Monetary Authority of Macao (AMCM) renewed a bilateral currency swap agreement in a size of RMB30 billion, or MOP34 billion.

On December 6, the PBOC issued the Notice on the Support Program for Establishment of Guaranteed Building Delivery Loans, guiding financial institutions to grant loans to guarantee the delivery of pre-sold residential projects that are overdue and difficult to deliver, based on the premise of making their own decisions and taking their own risks.

On December 10, the PBOC and the Hungarian National Bank (MNB) renewed a bilateral currency swap agreement with a size of RMB40 billion, or HUF2.2 trillion.

On December 15, the PBOC conducted MLF operations in the amount of RMB650 billion, with an interest rate of 2.75 percent.

On December 20, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and over-five-year LPR were 3.65 percent and 4.30 percent, respectively.

On December 20, the PBOC issued RMB5 billion of RMB-denominated central bank bills in Hong Kong, with a term of six months and at a rate of 2.20 percent.

On December 28, the PBOC Monetary Policy Committee held its fourth quarterly meeting of 2022.

On December 29, the PBOC conducted the twelfth 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 December 30, the PBOC and the CBIRC issued a Notice on the Decision to Set up a Dynamic Adjustment Mechanism on Mortgage Rates for First-Time Homebuyers. Cities that witness the selling prices of new homes fall month-on-month and year-on-year for three consecutive months may temporarily maintain, lower, or abolish the floor on commercial mortgage rates for first-time homebuyers.