The regular meeting of the Monetary Policy Committee of the People's Bank of China for the third quarter of 2026 was held on September 19. The conference studied the main ideas of monetary policy in the next phase, and recommended using the integrated effects of incremental policies and stock policies, enhancing the forward-looking, flexible and pertinent nature of policies, and grasping the intensity, pace and timing of policy implementation according to domestic and foreign economic and financial situations and financial market operations. Use monetary policy tools comprehensively and adjust in due course to maintain abundant liquidity, so that the scale of social financing and the growth in money supply match the expected goals of economic growth and overall price levels. Promote the reform and improvement of the monetary policy operating framework. Standardize the operation of the credit market, reduce intermediate costs of financing, and promote the operation of comprehensive social financing at a low cost. Observe and evaluate the operation of the bond market from a macroprudential perspective, and pay attention to changes in long-term yields. Unblock the transmission mechanism of monetary policy and improve the efficiency of the use of capital. Adhere to the decisive role of the market in exchange rate formation, enhance the resilience of the foreign exchange market, stabilize market expectations, prevent the market's “flock effect” and self-strengthening of irrational expectations, and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level.

The regular meeting of the Monetary Policy Committee of the People's Bank of China for the third quarter of 2026 was held on September 19. The conference studied the main ideas of monetary policy in the next phase, and recommended using the integrated effects of incremental policies and stock policies, enhancing the forward-looking, flexible and pertinent nature of policies, and grasping the intensity, pace and timing of policy implementation according to domestic and foreign economic and financial situations and financial market operations. Use monetary policy tools comprehensively and adjust in due course to maintain abundant liquidity, so that the scale of social financing and the growth in money supply match the expected goals of economic growth and overall price levels. Promote the reform and improvement of the monetary policy operating framework. Standardize the operation of the credit market, reduce intermediate costs of financing, and promote the operation of comprehensive social financing at a low cost. Observe and evaluate the operation of the bond market from a macroprudential perspective, and pay attention to changes in long-term yields. Unblock the transmission mechanism of monetary policy and improve the efficiency of the use of capital. Adhere to the decisive role of the market in exchange rate formation, enhance the resilience of the foreign exchange market, stabilize market expectations, prevent the market's “flock effect” and self-strengthening of irrational expectations, and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level.