China's PBOC to Keep Policy Rate Unchanged; May Trade Government Bonds, Differing from Western Practices

China's central bank is set to maintain its policy rate unchanged while rolling over maturing medium-term loans. The country is strengthening capital market supervision, suggesting strict control over listing access and tightening stock listing criteria. China aims to develop a high-quality, competitive, and inclusive capital market in the next decade. The People's Bank of China (PBOC) may introduce trading government bonds to manage liquidity, with potential inclusion in its policy toolkit in the future. PBOC emphasizes maintaining a reasonable and appropriate financial condition, distinct from Western practices.