Asia-Pacific

People's Bank of China

Too few recent speeches for a current tone.

Speeches: 146
First speech: Sep 10, 1996
Latest speech: Jun 17, 2026
Tone vs coming rate moves: −0.20; rank correlation

Does the tone run ahead of the rate?

Speech tone over the previous three months, and the policy rate at the end of each month, on the same timeline. Hover over either chart to read the same month in both.

Speech tone

Policy rate

Latest speeches

Each speech's tone is the average over its sentences about policy, prices, rates or the economy. Open a speech to read it in full.

Date	Speech	Tone
Jun 17, 2026	Pan Gongsheng: The evolution of financial structure and the modernization of financial markets in China Pan Gongsheng	+0.04
Mar 22, 2026	Pan Gongsheng: China's high-quality development and global economic rebalancing Pan Gongsheng	+0.21
Oct 27, 2025	Zhu Hexin: Global economic and trade resilience and China's contribution Zhu Hexin	+0.22
Jun 18, 2025	Pan Gongsheng: A few observations on global financial governance Pan Gongsheng	−0.03
Jun 18, 2025	Zhu Hexin: Firmly advancing in-depth reforms and high-level opening-up in the foreign exchange sector to support high-quality economic development Zhu Hexin	+0.18
Jan 13, 2025	Pan Gongsheng: Speech - opening ceremony of the Asian Financial Forum Pan Gongsheng	+0.15
Oct 18, 2024	Pan Gongsheng: Strike the right balance and pursue high-quality development of the Chinese economy Pan Gongsheng	+0.11
Jun 19, 2024	Pan Gongsheng: China's current monetary policy stance and evolution of monetary policy framework in the future Pan Gongsheng	−0.04
Mar 27, 2024	Pan Gongsheng: Deepening financial cooperation in Asia Pan Gongsheng	+0.13
Nov 28, 2023	Pan Gongsheng: Keynote speech - Hong Kong Monetary Authority-Bank for International Settlements High-Level Conference Pan Gongsheng	+0.17
Jun 8, 2023	Yi Gang: Proactively implementing the philosophy of green development to peak carbon emissions before 2030 and achieve carbon neutrality before 2060 Yi Gang	−0.16
Jun 8, 2023	Pan Gongsheng: Global financial cycle - trends and implications Pan Gongsheng	−0.03
May 15, 2023	Pan Gongsheng: Speech - Launch ceremony of Swap Connect Pan Gongsheng	+0.07
Apr 4, 2023	Yi Gang: Building a modern central banking system to contribute to Chinese modernization Yi Gang	+0.07
Dec 2, 2022	Yi Gang: Speech at Bank of Thailand-Bank for International Settlements Conference Yi Gang	+0.15
Nov 21, 2022	Yi Gang: Remarks - Financial Street Forum 2022 Yi Gang	+0.16
Oct 31, 2022	Yi Gang: Speech - Hong Kong FinTech Week 2022 Yi Gang	+0.02
Jul 4, 2022	Pan Gongsheng: Speech - Fifth Anniversary Forum of Bond Connect and the launch ceremony of Swap Connect Pan Gongsheng	+0.11
Apr 22, 2022	Yi Gang: Global inflation, interest rate hikes and economic stability Yi Gang	+0.08
Dec 16, 2021	Liu Guiping: High-quality development of inclusive finance for common prosperity Liu Guiping	+0.04
Dec 9, 2021	Yi Gang: Hong Kong's positioning and prospect as an international financial centre Yi Gang	–
Oct 21, 2021	Yi Gang: Speech – Conference on G-SIFIs of Financial Street Forum 2021 Yi Gang	+0.12
Oct 20, 2021	Yi Gang: Speech - G30 International Banking Seminar Yi Gang	+0.06
Oct 20, 2021	Yi Gang: Speech - Giving full play to finance and promoting more efficient and resilient economic development Yi Gang	+0.23
Sep 28, 2021	Pan Gongsheng: Speech - Launch Ceremony of Southbound Bond Connect Pan Gongsheng	–
Sep 18, 2021	Yi Gang: Fintech and the global payments landscape - exploring new horizons Yi Gang	−0.24
Apr 15, 2021	Yi Gang: Green finance and climate policy Yi Gang	+0.35
Mar 21, 2021	Yi Gang: Make full use of China's monetary policy space and promote green finance Yi Gang	−0.02
Jan 18, 2021	Guo Shuqing: China's New Development Stage and Hong Kong SAR's New Opportunities Guo Shuqing	+0.15
Dec 9, 2020	Yi Gang: Supporting low carbon development with green finance Yi Gang	–
Dec 8, 2020	Guo Shuqing: FinTech developments, challenges and supervision in China Guo Shuqing	+0.14
Nov 6, 2020	Liu Guoqiang: Profit cutting by financial institutions in support of real economy Liu Guoqiang	+0.03
Oct 29, 2020	Yi Gang: Building new development patterns and expanding the opening up of the financial sector Yi Gang	+0.06
Oct 27, 2020	Yi Gang: Sound monetary policy Yi Gang	+0.16
Oct 27, 2020	Guo Shuqing: Remarks - Annual Conference of Financial Street Forum 2020 Guo Shuqing	−0.02
Jun 18, 2020	Yi Gang: Speech - 12th Lujiazui Forum Yi Gang	−0.09
Jun 18, 2020	Guo Shuqing: Accelerate the normalization of economic activity and further reform and open up the financial system Guo Shuqing	+0.01
Jun 18, 2020	Pan Gongsheng: Speech - 12th Lujiazui Forum Pan Gongsheng	+0.08
Jun 14, 2019	Yi Gang: Welcome address - 11th Lujiazui Forum Yi Gang	+0.02
Jun 14, 2019	Guo Shuqing: Opening remarks - 11th Lujiazui Forum Guo Shuqing	+0.13
May 25, 2019	Guo Shuqing: Rejuvenation of China is unstoppable Guo Shuqing	+0.11
Apr 25, 2019	Yi Gang: Deepen investment and financing cooperation for quality development of the Belt and Road Initiative Yi Gang	−0.08
Mar 24, 2019	Yi Gang: Further open up the financial sector to promote high-quality growth Yi Gang	+0.08
Dec 17, 2018	Yi Gang: Deepen reform and opening-up comprehensively. Create new prospects for financial sector Yi Gang	+0.09
Dec 13, 2018	Yi Gang: China's monetary policy framework - supporting the real economy and striking a balance between internal and external equilibrium Yi Gang	+0.02
Oct 14, 2018	Yi Gang: Global economic developments, the outlook for China and the need for IMF reform Yi Gang	+0.08
Jun 14, 2018	Yi Gang: Welcome address - Tenth Lujiazui Forum Yi Gang	+0.49
Oct 15, 2017	Zhou Xiaochuan: Prospects of the Chinese economy - broad-based growth Zhou Xiaochuan	+0.06
Jun 21, 2017	Zhou Xiaochuan: The opening-up of Chinese economy - from manufacturing industry to service industry Zhou Xiaochuan	+0.22
Jan 7, 2015	Zhou Xiaochuan: People's Bank of China Governor's New Year message Zhou Xiaochuan	+0.20
Oct 18, 2010	Zhou Xiaochuan: Macro-prudential policy - Asian perspective Zhou Xiaochuan	−0.18
Jul 30, 2010	Hu Xiaolian: The cooperative relation between adjustment of production factor price and reform of the exchange rate regime Hu Xiaolian	+0.19
Jul 26, 2010	Hu Xiaolian: Exchange rate regime reform and monetary policy effectiveness Hu Xiaolian	+0.08
Jul 22, 2010	Hu Xiaolian: Three characteristics of the managed floating exchange rate regime Hu Xiaolian	−0.03
Jul 15, 2010	Hu Xiaolian: A managed floating exchange rate regime is an established policy Zhou Xiaochuan	−0.06
May 27, 2010	Hu Xiaolian: Law on real rights of the People's Republic of China Hu Xiaolian	+0.04
Apr 16, 2010	Ma Delun: Urban and rural integration in China Ma Delun	–
Nov 28, 2009	Zhou Xiaochuan: Development of China's inter-bank market Zhou Xiaochuan	+0.08
Oct 28, 2009	Su Ning: China's inter-bank payment and clearing service Su Ning	+0.02
Oct 4, 2009	Yi Gang: Global cooperation, China's economy and the IMF Yi Gang	+0.06

Next: Across all central banksHow tone lines up with rate moves at every bank tested, and whether it predicts them.