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PBOC: Continue Implementing Moderately Loose Monetary Policy to Promote Stable Economic Growth and Reasonable Price Recovery
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The Monetary Policy Committee of the People's Bank of China recently held its regular meeting for the first quarter of 2026. The meeting concluded that since the beginning of this year, macroeconomic policies have become more proactive, with monetary policy remaining moderately loose, enhancing counter-cyclical and cross-cyclical adjustments. A variety of monetary policy tools have been comprehensively utilized to create a suitable monetary and financial environment for sustained economic improvement. The effectiveness of the loan market quotation rate reform continues to be released, the market-based adjustment mechanism for deposit rates is functioning effectively, the efficiency of monetary policy transmission has increased, and the cost of social financing is at a historically low level. The foreign exchange market supply and demand are basically balanced, with the RMB exchange rate fluctuating in both directions, maintaining basic stability at a reasonable and balanced level. The overall operation of the financial market is stable. The meeting noted that the impact of changes in the external environment is deepening, with the global economy showing weak momentum, frequent geopolitical and economic trade conflicts, and divergent economic performances among major economies. There is uncertainty in inflation trends and monetary policy adjustments. China's economy is operating steadily with progress, achieving new results in high-quality development, but still faces challenges such as strong supply and weak demand, and external shocks. It is necessary to continue implementing a moderately loose monetary policy, intensify counter-cyclical and cross-cyclical adjustments, better utilize the dual functions of monetary policy tools in terms of total volume and structure, and strengthen the coordination of monetary and fiscal policies to promote stable economic growth and reasonable price recovery. The meeting emphasized the need to guide large banks to play a leading role in providing financial services to the real economy, encourage small and medium-sized banks to focus on their main responsibilities and businesses, and enhance the capital strength of banks. It is important to effectively use various structural monetary policy tools, optimize tool management, and solidly carry out the "five major financial tasks," strengthening financial support for key areas such as expanding domestic demand, technological innovation, and small and micro enterprises. Continuous efforts should be made to support the development and growth of the private economy through financial services. Maintaining stable operation of the financial market is crucial. It is essential to effectively promote high-level two-way financial opening, enhancing economic and financial management capabilities and risk prevention and control under open conditions. (sl/da) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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