On January 12, the PBC announced it would raise the RMB reserve requirement ratio for deposit-taking financial institutions, with the exception of small financial institutions such as rural credit cooperatives, by 0.5 percentage points effective from 18 January 2010.
On February 1 and 2, the 2010 Meeting of the PBC on Money and Credit Policy and the Financial Market was convened.
On February 3, the Monetary Policy Report for Q4 2009 was released.
On February 12, the PBC announced it would raise the RMB reserve requirement ratio for deposit-taking financial institutions, with the exception of small financial institutions such as rural credit cooperative, by 0.5 percentage points from 25 February 2010 onwards.
On March 4, the PBC convened a workshop on credit. In line with the overall arrangements and requirements for macroeconomic management, efforts were made to guide reasonable and balanced growth in the loan extensions of financial institutions, to optimize the credit structure, and to enhance awareness of risk prevention.
On March 8, the PBC issued the Provisional Administrative Measures on the Information Management System for Cross-border RMB Payments and Receipts (PBC Document No. 79 [2010]) to reinforce management of information concerning cross-border RMB payments and receipts, to ensure secure, stable, and efficient operation of the information system, and to standardize the operation and use of the system by financial institutions.
On March 19, the PBC, in joint efforts with 8 ministries and commissions including the Propaganda Department of the CPC, released the Guiding Opinion on Extending Financial Support to Revitalize and Develop the Cultural Industry (PBC Document No. 94 [2010]), urging financial institutions to take concrete measures and improve financial services to revitalize and develop the cultural industry.
On March 24, the PBC and the National Bank of the Republic of Belarus signed the Sino-Belarusian Agreement on Bilateral Settlement in Local Currencies. This is the first time that China has signed an agreement on trade settlement in local currencies with a non-neighboring country and it represents a new step forward in promoting regional financial cooperation after implementation of the pilot for RMB settlement of cross-border trade transactions. This development will promote economic cooperation between the two countries and will facilitate bilateral trade and investment.
On March 29, the PBC issued the Emergency Notice on Providing Financial Services for Agricultural Production in the Spring and for Disaster Relief in Drought-stricken Areas in Southwest China (PBC Document No.100 [2010]) to urge stronger policy support to make sure that financial institutions have adequate liquidity to support agricultural production in the spring and drought relief efforts with effective credit.
On March 30, the Monetary Policy Committee of the PBC convened its regular meeting for Q1 2010.
