NPC Deputies Suggest Amendments to the People's Bank of China Law: Clarify the Legal Status of Digital Renminbi

WealthCoffee · 2026-03-11T05:02:42+00:00

The 2023 Central Financial Work Conference emphasized building a modern central banking system, with legislative amendments being key. Fu Xiguo proposed an amendment to the "People's Bank of China Law" during the National "Two Sessions," believing that the current law no longer fits the changes in the financial sector and needs to be updated to enhance regulatory effectiveness.

WealthCoffee

2026-03-11 05:02:42

Abstract generation in progress

[Caixin] The 2023 Central Financial Work Conference proposed building a modern central banking system. Where to start? Promoting legislative amendments is a key approach. During the 2026 National People’s Congress and Chinese People’s Political Consultative Conference, Fu Xiguo, a National People’s Congress deputy and former head of the People’s Bank of China Liaoning Branch, submitted a proposal to accelerate the revision and enactment of the “People’s Republic of China Law on the People’s Bank of China.”

The current “Law of the People’s Republic of China on the People’s Bank of China” (hereinafter referred to as the “PBC Law”) was revised and implemented in 2003, more than 22 years ago. Fu Xiguo believes that China’s financial sector has undergone multiple changes, including regulatory system reforms, digital transformation, and upgrading of real economy demands. The existing law increasingly shows its lag in defining statutory responsibilities, authorizing regulatory tools, and regulating emerging business models.

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