The central bank released China's monetary policy implementation report for the second quarter of 2026. Continue to implement a moderately loose monetary policy. Enhance the forward-looking, flexible and pertinent nature of policies, grasp the intensity, pace and timing of policy implementation in accordance with domestic and foreign economic and financial situations and financial market operations, strengthen coordination with fiscal policies, and support steady economic growth, high-quality development, and the smooth operation of financial markets. Comprehensively apply and adjust monetary policy tools in a timely manner to maintain sufficient liquidity and relatively relaxed social financing conditions, and guide the growth of social financing scale and money supply to match the expected goals of economic growth and overall price levels. Promote the reform and improvement of the monetary policy operating framework in a smooth and orderly manner, and better guide short-term interest rates in the money market to run smoothly around policy interest rates. Give full play to the role of a self-regulatory mechanism for market interest rate pricing, strengthen the implementation and supervision of interest rate policies, promote diversification of loan pricing benchmarks, guide financial institutions to improve interest rate pricing capabilities, continue to deepen efforts to clarify comprehensive financing costs for corporate loans, reduce intermediate financing costs, and promote the operation of comprehensive social financing costs at a low level. Give full play to the dual functions of the total volume and structure of monetary policy instruments, implement a series of monetary and financial policies introduced at the beginning of the year, continuously improve the design and management of tools, do a solid job in the “Five Major Articles” on finance, and strengthen financial support in key areas such as expanding domestic demand, scientific and technological innovation, and micro, small and medium-sized enterprises. Adhere to a managed floating exchange rate system based on market supply and demand, adjusted with reference to a basket of currencies, maintain exchange rate flexibility, use the macroeconomic and balance of payments automatic stabilizer functions for exchange rate regulation, adopt comprehensive measures to enhance the resilience of the foreign exchange market, stabilize market expectations, prevent the risk of exchange rate overadjustment, and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level. Expand and enrich the macroprudential and financial stability functions of the central bank, innovate financial instruments, maintain the smooth operation of the financial market, and firmly adhere to the bottom line that systemic financial risks do not occur.

The central bank released China's monetary policy implementation report for the second quarter of 2026. Continue to implement a moderately loose monetary policy. Enhance the forward-looking, flexible and pertinent nature of policies, grasp the intensity, pace and timing of policy implementation in accordance with domestic and foreign economic and financial situations and financial market operations, strengthen coordination with fiscal policies, and support steady economic growth, high-quality development, and the smooth operation of financial markets. Comprehensively apply and adjust monetary policy tools in a timely manner to maintain sufficient liquidity and relatively relaxed social financing conditions, and guide the growth of social financing scale and money supply to match the expected goals of economic growth and overall price levels. Promote the reform and improvement of the monetary policy operating framework in a smooth and orderly manner, and better guide short-term interest rates in the money market to run smoothly around policy interest rates. Give full play to the role of a self-regulatory mechanism for market interest rate pricing, strengthen the implementation and supervision of interest rate policies, promote diversification of loan pricing benchmarks, guide financial institutions to improve interest rate pricing capabilities, continue to deepen efforts to clarify comprehensive financing costs for corporate loans, reduce intermediate financing costs, and promote the operation of comprehensive social financing costs at a low level. Give full play to the dual functions of the total volume and structure of monetary policy instruments, implement a series of monetary and financial policies introduced at the beginning of the year, continuously improve the design and management of tools, do a solid job in the “Five Major Articles” on finance, and strengthen financial support in key areas such as expanding domestic demand, scientific and technological innovation, and micro, small and medium-sized enterprises. Adhere to a managed floating exchange rate system based on market supply and demand, adjusted with reference to a basket of currencies, maintain exchange rate flexibility, use the macroeconomic and balance of payments automatic stabilizer functions for exchange rate regulation, adopt comprehensive measures to enhance the resilience of the foreign exchange market, stabilize market expectations, prevent the risk of exchange rate overadjustment, and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level. Expand and enrich the macroprudential and financial stability functions of the central bank, innovate financial instruments, maintain the smooth operation of the financial market, and firmly adhere to the bottom line that systemic financial risks do not occur.