On January 13, the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) decided to raise the macro-prudential adjustment parameter for cross-border financing of enterprises and financial institutions from 1.5 to 1.75.

On January 20, with the authorization of the PBOC, the National Interbank Funding Center (NIFC) announced the Loan Prime Rate (LPR) as follows: the one-year and the over-five-year LPR would be 3.1 percent and 3.6 percent, respectively, unchanged from the previous announcement.

On January 20, the PBOC issued the Administrative Measures for the PBOC's Relending Program to Support Rural Development and Micro and Small Businesses, which will merge the previous separate central bank lending programs for rural development and micro and small businesses (MSBs) into a unified program starting April 1. This consolidated central bank lending facility will enable six types of regional financial institutions, including city commercial banks, rural commercial banks, rural cooperative banks, rural credit cooperatives, village banks, and private banks, to expand credit supply to agricultural-related enterprises, MSBs, and private companies.

On January 22, the PBOC reported to the Financial and Economic Affairs Committee of the National People's Congress on implementation of monetary policy in 2024.

On January 22, to implement the decisions and arrangements of the Central Economic Work Conference regarding "exploring ways to expand the central bank's macro-prudential regulation and financial stability functions," the PBOC established the Macroprudential and Financial Stability Committee and convened its first plenary meeting.

On January 24, the PBOC conducted Medium-term Lending Facility (MLF) operations in the amount of RMB200 billion.

On January 27, the PBOC announced it had conducted outright reverse repo operations totaling RMB1.7 trillion during the month. The operations comprised two tranches: RMB1.2 trillion with a 3-month maturity and RMB500 billion with a 6-month maturity.

On January 31, the PBOC and Bank Indonesia (BI) renewed the bilateral currency swap agreement with a size of RMB400 billion (IDR878 trillion).

On February 13, the PBOC released the China Monetary Policy Report (Q4 2024).

On February 20, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and the over-five-year LPR would be 3.1 percent and 3.6 percent, respectively, unchanged from the previous announcement.

On February 25, the PBOC conducted Medium-term Lending Facility (MLF) operations in the amount of RMB300 billion.

On February 28, the PBOC announced it had conducted outright reverse repo operations totaling RMB1.4 trillion during the month. The operations comprised two tranches: RMB900 billion with a 3-month maturity and RMB500 billion with a 6-month maturity.

On February 28, the PBOC, the All-China Federation of Industry and Commerce, the National Financial Regulatory Administration (NFRA), the China Securities Regulatory Commission (CSRC), and the SAFE jointly held a symposium on financial support for the high-quality development of private enterprises.

On March 18, the PBOC Monetary Policy Committee held its first quarterly meeting of 2025.

On March 20, with the authorization of the PBOC, the NIFC announced the LPR as follows: the one-year and the over-five-year LPR would be 3.1 percent and 3.6 percent, respectively, unchanged from the previous announcement.

On March 25, the PBOC conducted MLF operations in the amount of RMB450 billion. Starting this month, MLF operations have shifted from a single-price auction to a multiple-price auction.

On March 31, the PBOC announced it had conducted outright reverse repo operations totaling RMB800 billion during the month. The operations comprised two tranches: RMB500 billion with a 3-month maturity and RMB300 billion with a 6-month maturity.