PBoC Governor Pan Studies Non-Bank Liquidity Support Tool for Macroprudential Policy

At the 2026 Lujiazui Forum, People's Bank of China Governor Pan Gongsheng said the central bank is studying the establishment of a macroprudential tool to support non-bank liquidity in specific scenarios. The tool would provide emergency liquidity to non-bank institutions through swap arrangements when bond markets face systemic pressure, normal funding channels become blocked, and institutional groups face collective liquidity crises that could trigger systemic risks.
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