The central bank plans to amend the People's Bank of China Law

  News from our newspaper (Reporter Pan Fuda) The central bank announced on its official website last night that in order to improve the top-level design of the financial rule of law and support the steady development of the financial industry, the People’s Bank of China actively promoted the revision of the "People’s Bank of China Law" and drafted The People’s Bank of China Law of the Republic of China (Revised Draft for Soliciting Opinions), and soliciting opinions from the public.

  The draft for comments includes 9 chapters, 73 articles, including general rules, organizational structure, RMB, business, supervision and management responsibilities, supervision and management measures, financial accounting, legal responsibilities and supplementary provisions.

  The draft for comments clearly writes "promoting financial services to the real economy" into the legislative purpose and guides the financial system to return to its fundamental positioning of serving the real economy.

In terms of responsibilities, the People’s Bank of China, under the leadership of the State Council, formulates and implements monetary policies and macro-prudential policies, prevents and defuses financial risks, and maintains financial stability. The goal of monetary policy is to maintain the stability of the currency value and thereby promote economic growth.

  The reporter noted that in the "Renminbi" chapter, the draft stipulates that the renminbi includes physical and digital forms, providing a legal basis for the issuance of digital currency.

According to the draft, no unit or individual is allowed to make and sell tokens, coupons and digital tokens to replace RMB in circulation in the market.