Pan Gongsheng: Continuously enhance the role of the central bank's policy interest rate, narrowing the width of the short-term interest rate corridor.

Recently published in the "Guidebook for the Central Committee of the Communist Party of China on Formulating the Fifteenth Five-Year Plan for National Economic and Social Development," an article titled "Building a Scientific and Stable Monetary Policy System and Comprehensive Macroprudential Management System" by Pan Gongsheng, Governor of the People's Bank of China, was featured. In the article, Pan Gongsheng points out the importance of improving the market-oriented interest rate formation, control, and transmission mechanisms. It is crucial to enhance the role of the central bank's policy interest rates, narrow the width of the short-term interest rate corridor, and further facilitate the transmission from central bank policy interest rates to market benchmark interest rates, and then to various financial market interest rates. It is also essential to improve the pricing benchmarks for loan interest rates, enhance the quality of quoted interest rates in the loan market, and more accurately reflect the level of loan market interest rates.