On August 4, the Shanghai headquarters of the People's Bank of China held a working meeting for the second half of 2026. The conference emphasized that the Shanghai headquarters of the People's Bank of China should firmly implement a moderately loose monetary policy and actively push financial institutions to dig deeper into effective credit needs. Make good use of various structural monetary policy tools. Implement the “Five Big Articles” 1+N series of financial policies. Promote the continued effectiveness of the “technology board” of the bond market in Shanghai. Steadily deepen financial reform and opening-up to the outside world. Establish and improve institutional mechanisms for foreign exchange management. Implement various new policies such as a high level of openness in cross-border trade investment and financing, overseas loans, and overseas listings. Enhance the ability of micro, small and medium-sized enterprises to manage exchange rate risk hedging. Collaborate to promote cross-border finance and offshore finance, and accelerate the implementation of the pilot comprehensive reform of financial services for offshore businesses. Promote the application of digital yuan scenarios and ecosystem construction. Continue to develop local legislation in the field of finance. Continuously improve systemic risk prevention and mitigation mechanisms. Strengthen the fight against illegal financial activities. Continue to improve the macroprudential management mechanism framework. Comprehensively improve the level of monitoring cross-border financial risks.

On August 4, the Shanghai headquarters of the People's Bank of China held a working meeting for the second half of 2026. The conference emphasized that the Shanghai headquarters of the People's Bank of China should firmly implement a moderately loose monetary policy and actively push financial institutions to dig deeper into effective credit needs. Make good use of various structural monetary policy tools. Implement the “Five Big Articles” 1+N series of financial policies. Promote the continued effectiveness of the “technology board” of the bond market in Shanghai. Steadily deepen financial reform and opening-up to the outside world. Establish and improve institutional mechanisms for foreign exchange management. Implement various new policies such as a high level of openness in cross-border trade investment and financing, overseas loans, and overseas listings. Enhance the ability of micro, small and medium-sized enterprises to manage exchange rate risk hedging. Collaborate to promote cross-border finance and offshore finance, and accelerate the implementation of the pilot comprehensive reform of financial services for offshore businesses. Promote digital yuan scenario applications and ecosystem construction. Continue to develop local legislation in the field of finance. Continuously improve systemic risk prevention and mitigation mechanisms. Strengthen the fight against illegal financial activities. Continue to improve the macroprudential management mechanism framework. Comprehensively improve the level of monitoring cross-border financial risks.