The People's Bank of China (PBoC) is facing criticism for its lack of transparency regarding monetary policy. Analysts argue that the central bank's opacity leaves financial market participants uncertain about its strategies, particularly concerning interest rates. Eswar Prasad highlighted that the PBoC lacks statutory independence, which hampers its effectiveness. He suggested that improved communication of its strategies and policy actions could mitigate market turmoil. Furthermore, it was noted that the PBoC often reacts defensively to market developments instead of proactively managing expectations. This situation underscores the need for the PBoC to clarify its balance sheet data and enhance its communication with the market.