[Pan Gongsheng: Positive progress has been made in the transformation and improvement of China’s monetary policy framework] On October 19, Pan Gongsheng, Governor of the People’s Bank of China, said at the 2026 Financial Street Forum Annual Meeting that in the past two years and more, the People’s Bank of China has done a lot of work and made positive progress. The policy interest rate status of the 7-day reverse repurchase operation interest rate in the open market has been clarified, the variety of overnight operations has been increased, and treasury bonds can be bought and sold in the open market. The monetary policy toolbox has been further enriched, and the market-oriented interest rate control mechanism has become clearer. At the same time, we will continue to strengthen the implementation and supervision of interest rate policies, standardize the pricing behavior of deposits and loans, improve bank pricing capabilities, optimize the structural monetary policy tool system and elements, strengthen coordination with fiscal, industrial and other policies, and pay more attention to market communication and expected guidance.