Central Bank to Strengthen Signalling of Policy Intentions, Guidance of Market Expectations

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The Chinese central bank has announced that it plans to strengthen communication and transparency vis-a-vis market participants.

The People’s Bank of China (PBOC) issued the “2018 Government Affairs Public Work Key Points Notice” (2018年政务公开工作要点的通知), which calls for the “strengthening of interpretations of policy and active information openness, promptly transmitting the policy intentions of the central bank and rationally guiding market expectations.”

The Notice also calls for strengthening of awareness of the need for risk prevention and control in relation to public opinion, closely paying attention to both domestic and overseas public opinion in relation to the central bank’s conduct of its duties; strengthening public opinion feedback mechanisms, improving handling methods for adverse public opinion, and striving to raise the ability to uncover, assess and analyse public opinion.

With regard to misinterpretations, distortions or falsehoods, the Notice calls for prompt warnings, scientific assessment, appropriate disposal and effective response, as well as the prevention of risk expectations from becoming self-fulfilling.

The move arrives following the launch of similar measures by the China Securities Regulatory Commission to improve its own systems for managing news and public opinion in relation to the capital market.

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