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

First, maintain social financing conditions in a loose state, with reasonable growth in overall financial volume. Comprehensively use various monetary policy tools such as reverse repurchase agreements, medium-term lending facilities, and government bond transactions to ensure abundant liquidity. Guide financial institutions to balance credit distribution and fully meet the effective credit needs of the real economy. Second, promote low-cost operation of the comprehensive social financing cost. Lower structural monetary policy tool rates by 0.25 percentage points, continuously release the effectiveness of loan market quoted rate reform, and effectively play the role of the market-oriented adjustment mechanism for deposit rates. Third, guide financial institutions to optimize credit fund allocation. Improve structural monetary policy tools and increase support efforts to further assist economic structural transformation and optimization. Merge agricultural and small-scale reloans and rediscount quotas, increase agricultural and small-scale reloan quotas by 500 billion yuan, and establish a separate 1 trillion yuan reloan quota for private enterprises. Increase technology innovation and technology renovation reloan quotas by 400 billion yuan, including high research and development investment levels for private small and medium-sized enterprises in the support area. Establish joint technology innovation and private enterprise bond risk-sharing tools. Expand carbon emission reduction support tools, service consumption and elderly reloan support areas. Fourth, maintain a basically stable exchange rate. Adhere to the market's decisive role in exchange rate formation, leverage the exchange rate's regulatory function on macroeconomics and international balance of payments, implement comprehensive measures, and maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level. Encourage financial institutions to improve exchange rate hedging services. Fifth, orderly resolve financial risks in key areas. Continuously improve macroprudential management and financial stability guarantee systems. Steadily advance the disposal of financial risks in key institutions and key regions.