China resumes printing money

Thursday 4 December 2025

This seems to have passed the forex market by. Goldman.

The PBOC’s Pledged Supplementary Lending (PSL) program resumed expansion in November by a net increase of RMB25.4bn, ending its contraction since March 2024.

This implies that the central bank may have approved a full-year quota for 2025 (as it did in late 2023), although the size of quota is still not available as of now.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.