To fend off financial risks, the PBOC is working on keeping macro-leverage ratio basically stable, resolving the risks of a handful of financial institutions, such as the Baoshang Bank, and 1/2  BIS central bankers' speeches  replenishing capital, for small and medium-sized banks in particular. Apart from the above policy responses, we are also moving ahead on the following two fronts.
First, green finance. We are working to promote China’s green transition. We have revised the Green Bond Endorsed Project Catalogue. In line with suggestions made by the Task Force on Climate-related Financial Disclosures, we have released Guidelines for Financial Institutions on Disclosing Environment Information. Monetary policy tools for reducing carbon emission are in the pipeline for the PBOC.