CONTENTS Governor's Address The Management of the Peoples Bank of China Members of the Monetary Policy Committee of the PBC 9 Organizational structure of the PBc China's Macroeconomy 14 Global Economic and Financial Developments Monetary Policy Credit Policy inancial Legislation Financial Stability Financial sector Reforms Financial Market Cross-border use of rmB Foreign Exchange Administration Balance of Payments Position Financial Accounting 83 Payment and Settlement Systems Currency Issuance and Management State Treasury Management Development of Financial IT Infrastructure Credit Information Management and the Development of Social Credit System 109 Anti-money Laundering and combating the Financing of Terrorism- 115 Financial Consumer protection 119CONTENTS Governor’s Address 1 The Management of the People’s Bank of China 6 Members of the Monetary Policy Committee of the PBC 9 Organizational Structure of the PBC 10 China’s Macroeconomy 14 Global Economic and Financial Developments 19 Monetary Policy 23 Credit Policy 32 Financial Legislation 37 Financial Stability 43 Financial Sector Reforms 50 Financial Market 55 Cross-border Use of RMB 67 Foreign Exchange Administration 74 Balance of Payments Position 78 Financial Accounting 83 Payment and Settlement Systems 86 Currency Issuance and Management 91 State Treasury Management 96 Development of Financial IT Infrastructure 102 Credit Information Management and the Development of Social Credit System 109 Anti-money Laundering and Combating the Financing of Terrorism 115 Financial Consumer Protection 119