Governor of the People's Bank of China, Pan Gongsheng: We will firmly crack down on Crypto Assets! Stablecoins are still in the early stages of development, and we are promoting the development of the digital renminbi.

The Governor of the People's Bank of China, Pan Gongsheng, delivered a speech today (27th) at the Beijing Financial Street Forum Annual Conference, outlining the latest policy directions regarding cryptocurrency regulation, the development of the digital renminbi, and monetary policy. (Background: The U.S. has temporarily suspended 100% tariffs on China, causing Bitcoin to surge 3.6% overnight, breaking through $115,000.) (Context: China's regulatory crackdown! Reuters reports that Beijing has halted the “tokenization business of Chinese-funded brokerages in Hong Kong,” revealing a regulatory conflict under the one country, two systems policy.) According to the China Fund Report, the 2025 Financial Street Forum Annual Conference opened today (27th) in Beijing. During the conference, Pan Gongsheng delivered an important speech, proposing clear policy directions and future plans regarding monetary policy, national debt operations, cryptocurrency regulation, and the development of the digital renminbi. Below are the key points from his speech: A strict crackdown on domestic cryptocurrency trading to maintain financial order. Pan Gongsheng reiterated the People's Bank of China's prudent stance on cryptocurrencies. He pointed out that in recent years, virtual currencies issued by market institutions, especially stablecoins, have emerged continuously, but overall they are still in the early stages of development, and international financial organizations and central banks around the world generally take a cautious approach. Since 2017, the People's Bank has issued several policy documents in conjunction with relevant departments to prevent risks from domestic virtual currency trading and speculation, and these policies are still in effect today. Pan Gongsheng emphasized that the People's Bank will continue to work with law enforcement agencies to crack down severely on domestic virtual currency operations and speculation while closely monitoring the development dynamics of overseas stablecoins and dynamically assessing their potential impact on financial stability to maintain economic and financial order. Optimizing the management of the digital renminbi and expanding participation from commercial banks. Regarding the development of the digital renminbi (CBDC), Pan Gongsheng stated that the People's Bank will further optimize the management system for the digital renminbi, clarify its positioning at the monetary level, and support more commercial banks to become operating institutions for digital renminbi business. To promote the internationalization and systematic operation of the digital renminbi, the People's Bank has established a digital renminbi international operation center in Shanghai, responsible for cross-border cooperation and applications; a digital renminbi operation management center has been established in Beijing, responsible for system construction, operation, and maintenance to facilitate the steady development of the digital renminbi and assist Beijing in building itself as a national financial management center. Monetary policy and financial market stability measures. Pan Gongsheng also mentioned that the People's Bank will resume national debt trading operations in the open market to improve the monetary policy toolbox, enhance the financial functions of national debt, and promote the coordination of monetary and fiscal policies. In addition, the People's Bank will maintain a supportive monetary policy stance, implement moderately accommodative monetary policies, keep liquidity ample, and improve the monetary policy framework to strengthen execution and transmission effects. In terms of financial market management, when significant fluctuations occur in the market, the People's Bank will take the initiative to speak out and timely correct the “follow the herd” effect in the market to ensure the stable operation of the stock market, bond market, and foreign exchange market. Personal credit repair policies are about to be launched. To assist individuals in repairing their credit records, Pan Gongsheng revealed that the People's Bank is studying a one-time personal credit relief policy. This policy will exempt individuals from showing default records in the credit reporting system if they have made small defaults and repaid since the pandemic, with implementation expected in early 2026. 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