Pan Gongsheng: Maintain relatively loose social financing conditions; the central bank has increased gold holdings for 16 consecutive months | Financial Morning Brief

Everyday Editor | Zhang Yiming

| Monday, March 9, 2026 |

NO.1 Pan Gongsheng: Maintain relatively loose social financing conditions

On the afternoon of March 7, People’s Bank of China Governor Pan Gongsheng visited the Zhejiang provincial delegation’s residence to listen to deliberation opinions from the Zhejiang delegation. At the end of the meeting, Pan discussed monetary policy, stating that we should implement a moderately loose monetary policy and keep overall social financing conditions relatively relaxed. Currently, financing costs are at a low level historically, but from the People’s Bank’s perspective, we still need to balance appropriately.

NO.2 The central bank has increased gold holdings for 16 consecutive months

On March 7, data released by the central bank showed that as of the end of February, gold reserves were 74.22 million ounces, an increase of 30,000 ounces from the previous month, with 74.19 million ounces at the end of January, marking the 16th consecutive month of gold accumulation.

Comment: Industry insiders say that gold is widely accepted as a final means of payment worldwide. The People’s Bank’s increased gold holdings enhance the credibility of the sovereign currency and create favorable conditions for cautiously advancing the internationalization of the RMB.

NO.3 Lan Fuan: Trillion-yuan-level fiscal and financial coordination can benefit trillions of yuan in credit

On March 6, at the fourth session of the 14th National People’s Congress, Minister of Finance Lan Fuan stated that this year, the central government has allocated 100 billion yuan specifically for a package of policies to promote domestic demand through fiscal and financial coordination. This forms a transmission chain of fiscal policy, financial amplification, and market operation, mobilizing larger-scale social resources to focus on expanding domestic demand. Coupled with this year’s 250 billion yuan consumer voucher policy for old-for-new replacements, which is more vigorous than last year. Preliminary estimates suggest that the fiscal funds of hundreds of billions of yuan can support credit worth trillions of yuan, achieving a “small push to produce a big effect.”

Comment: The fiscal and financial coordination policy announced by Lan Fuan is a strong measure to address current insufficient domestic demand. By leveraging fiscal funds to stimulate trillions of yuan in credit, it can effectively alleviate the economic structural issue of overproduction and weak demand, boosting consumer spending and private investment. This policy combination demonstrates the government’s determination to stimulate domestic demand and promote high-quality economic development.

NO.4 Old Shop Gold and Chow Tai Fook have announced or planned price adjustments

According to CCTV Finance, on March 8, based on retail quotes for pure gold jewelry from major domestic brands, Chow Tai Fook quoted 1590 yuan/gram, Luk Fook Jewelry 1588 yuan/gram, and Lao Miao Gold 1583 yuan/gram. Meanwhile, brands like Old Shop Gold and Chow Tai Fook have announced or plan to raise prices on some gold jewelry products. Recently, Old Shop Gold initiated its first price adjustment of 2026, announced on February 28. Market data shows the adjustment range is between 20% and 30%. This is the first price change for Old Shop Gold in 2026. In 2025, Old Shop Gold raised product prices three times in February, August, and October. At the same time, Chow Tai Fook is also expected to adjust gold prices, possibly starting in mid-March.

Comment: The price adjustments by Old Shop Gold and Chow Tai Fook reflect positive expectations for gold price trends, driven by rising production costs and market demand. The price hikes may influence consumer purchasing willingness, especially amid high gold prices, increasing investor sensitivity to precious metal price fluctuations.

NO.5 Minister of Human Resources and Social Security: Improve services for the transfer and continuation of pension insurance relationships

According to Xinhua News Agency, on March 7, at the fourth session of the 14th National People’s Congress, Minister Wang Xiaoping stated that the Ministry of Human Resources and Social Security will continue to improve the transfer and continuation of pension insurance relationships, optimize the national social security public service platform, and promote “one-click” inquiry for social security rights nationwide, making it easier for the public to “move jobs without worries, and social security relationships continue to be counted.”

Comment: The Ministry’s plan to improve the transfer and continuation of pension insurance relationships reflects a focus on the interests and protections of mobile populations. Promoting nationwide “one-click” social security inquiries will greatly improve service efficiency and convenience, enhancing the sense of security among mobile workers. This initiative will help optimize the labor market and further facilitate the rational allocation and mobility of the workforce.

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