The People’s Bank of China（PBOC）has released the revised draft of the People’s Bank of China Law for public comment，marking the first comprehensive revision of the country’s central banking law in 17 years. In terms of content，the revision mainly involves clarifying the legislative purpose of financial services to the real economy，implementing the new responsibilities entrusted to the central bank in China’s financial reform，establishing the dual-pillar regulation framework of monetary policy and macroprudential regulation，providing a legal basis for the issuance of digital currency，improving the central bank’s own governance，and increasing penalties for illegal acts. In terms of its impact，the revision will help build an institutional mechanism for the financial sector to effectively support the real economy，strengthen its ability to prevent and handle systemic financial risks，and enhance the rule of law for the central bank to perform its duties. This report aims to provide new insights to improve the financial rule of law as an opportunity to promote the establishment of a modern central banking system. In this report，we make the following proposals. First，the operability of legal provisions should be improved in a more specific way. Second，relevant laws and regulations should be submitted to the NPC at the same time for deliberation，so as to advance legislation in a coordinated manner. The third is to improve the rules of the lender of last resort system，the treasury system and the financial anti-monopoly system，and to put forward concrete proposals.