PBoC Deputy Governor says will continue to promote transformation of monetary policy framework

• Will enrich supply of renminbi assets for global investors.
• Will consolidate Hong Kong's position as an offshore yuan business hub.

Remarks of this kind from PBoC officials on transforming the monetary policy framework sit within a long-running and incremental agenda, and on previous occasions the phrasing has preceded technical rather than dramatic change: a gradual shift toward price-based tools over quantity targets, greater use of the short policy rate as the anchor, and a wider set of counterparty and collateral arrangements in open market operations. The asset-supply and Hong Kong language is the internationalisation strand, which has historically been implemented through expanded bond connect schemes, swap lines, offshore clearing arrangements and a deeper menu of renminbi-denominated instruments rather than any single liberalising step, with capital account caution remaining the constant. The distinction worth drawing is between framework rhetoric, which tends to signal direction over quarters, and operational signals such as changes to how the central bank buys government bonds or reweights its rate corridor, which reprice the onshore curve more directly. None of this typically moves CNH or onshore rates on the headline alone; the tell is whether subsequent speeches or working papers convert the generalities into named instruments or a timetable. The follow-ons are further official commentary, any shift in the frequency or scale of bill issuance for offshore investors, and the tone of the next quarterly policy report. As stated, this is directional signalling, not a decision.