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People’s Bank of China unveils 15th Five-Year Plan for financial reform
The People’s Bank of China (PBOC) has unveiled its 15th Five-Year Reform and Development Plan, a strategic blueprint aimed at transforming China into a major financial powerhouse through 2030. The plan, which is accompanied by nine specific action plans, prioritizes the establishment of a scientific and prudent monetary policy framework and a comprehensive macroprudential management system.
A central pillar of the strategy is the advancement of the yuan’s internationalization. The PBOC intends to expand the currency's role in global trade, investment, and financing while strengthening cross-border payment infrastructure. This includes the continued development of the digital yuan (e-CNY).
Notably, the e-CNY underwent a significant architectural shift on January 1, transitioning from a digital cash model to an interest-bearing digital deposit instrument. This move deviates from international orthodox views that CBDCs should remain non-interest-bearing to prevent bank runs. As of November 2025, the e-CNY had processed approximately 3.4 billion transactions, totaling roughly 16.7 trillion yuan, marking an 800% increase compared to 2023.
Additionally, the plan emphasizes supporting the real economy by fostering financial services for technological innovation, green and low-carbon development, and inclusive finance. The PBOC also aims to improve financial stability, enhance credit reporting, and tighten anti-money laundering supervision.
Entities
Atlantic Council · China · Goldman Sachs · People’s Bank of China · e-CNY
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 4 SOURCES] The People’s Bank of China published its 15th Five-Year Reform and Development Plan on Monday digitalphablet.com · www.europesays.com · epaper.xkb.com.cn · www.scmp.com
- [● 2 SOURCES] The plan is accompanied by nine specific action plans for different sub-sectors. epaper.xkb.com.cn · www.scmp.com
- [○ 1 SOURCE] The cumulative value of e-CNY transactions reached approximately 16.7 trillion yuan by November 2025. www.europesays.com
- [○ 1 SOURCE] By November 2025, the e-CNY had processed roughly 3.4 billion transactions. www.europesays.com
- [● 2 SOURCES] The plan prioritizes the creation of a scientific and prudent monetary policy framework and macroprudential management system. digitalphablet.com · epaper.xkb.com.cn
- [● 3 SOURCES] The PBOC aims to expand the yuan's role in international trade, investment, and financing. digitalphablet.com · epaper.xkb.com.cn · www.scmp.com
- [○ 1 SOURCE] On January 1, the e-CNY was reclassified from digital cash to an interest-bearing digital deposit instrument. www.europesays.com
- [● 2 SOURCES] The strategy focuses on supporting technological innovation, green development, and low-carbon transitions. digitalphablet.com · epaper.xkb.com.cn