The People's Bank of China releases the report on the implementation of China's monetary policy in the first quarter of 2026.

It mentions the continuation of implementing a moderately loose monetary policy. Enhancing the forward-looking, flexible, and targeted nature of policies, adjusting the intensity, pace, and timing of policy implementation based on domestic and international economic and financial situations, grasping the coordination between monetary and fiscal policies, ensuring the smooth transmission of monetary policies, promoting stable economic growth and reasonable price increases. Flexibly using a variety of monetary policy tools, maintaining ample liquidity and relatively loose social financing conditions, guiding reasonable growth in overall financial volume and balanced credit issuance, ensuring that the growth of social financing scale and money supply matches the expected goals of economic growth and price level. Further improving the interest rate control framework, strengthening the guidance of central bank policy interest rates, improving the transmission mechanism of market-based interest rates, playing the role of market interest rate pricing self-discipline mechanism, strengthening the execution and supervision of interest rate policies, reducing bank liability costs, guiding financial institutions to improve their ability to price interest rates, and promoting low comprehensive social financing costs. Continuously deepening the comprehensive financing cost of explicit corporate loans. Making good use of the dual functions of total and structural monetary policy tools, using various structural monetary policy tools well, optimizing tool management, solidly accomplishing the "five major tasks" in finance, strengthening financial support for key areas such as expanding domestic demand, technological innovation, and small and micro enterprises. Adhering to a managed floating exchange rate system based on market supply and demand, referencing a basket of currencies, maintaining exchange rate flexibility, playing the role of exchange rate adjustment as a macroeconomic stabilizer and international balance of payments stabilizer, implementing comprehensive measures, enhancing the resilience of the foreign exchange market, stabilizing market expectations, preventing the risk of exchange rate misalignment, and maintaining the basic stability of the RMB exchange rate at a reasonable equilibrium level. Expanding and enriching the functions of macroprudential and financial stability of the central bank, improving the toolbox of macroprudential and financial stability management, maintaining the stable operation of the financial market, and resolutely guarding against the bottom line of not causing systemic financial risks.