PBOC Unswayed by Fed as Policy Choices Hinge on Data at Home (1)

People’s Bank of China Governor Pan Gongsheng said any changes to monetary policy will be guided primarily by domestic factors, indicating moves made by the US Federal Reserve won’t determine Beijing’s interest-rate decisions.

“China’s monetary policy focuses on domestic priorities while considering internal and external balance,” Pan said at a briefing in Beijing on Monday when asked about how the PBOC would now act in light of the Fed’s recent rate cut. “China’s central bank has made clear our macro-level principles of determining monetary policy.”

Pan Gongsheng, governor of the People’s Bank of China.

Photographer: Qilai Shen/Bloomberg

The PBOC has adopted a “data-based” approach that aligns with practices of its major ...