The central bank has clearly stated the path for the second half of the year: maintaining a moderately loose monetary policy unchanged and further increasing counter-cyclical and cross-cyclical adjustments.

On July 15th, the State Council Information Office held a press conference. People's Bank of China spokesperson and Deputy Governor, Zou Lan, China People's Bank Monetary Policy Department Director, Xie Guangqi, China People's Bank spokesperson and Director of the Survey and Statistics Department, Yan Xiandong, introduced the implementation of monetary policy and financial statistical data for the first half of 2026 and answered questions from reporters. Deputy Governor Zou Lan stated that the effects of monetary policy support on the real economy in the first half of the year were significant, with reasonable growth in the overall financial volume. By the end of June, the broad money supply M2 increased by 8.0% year-on-year, social financing balance increased by 7.4% year-on-year, and new RMB loans increased by 10.72 trillion yuan in the first half of the year. The overall cost of social comprehensive financing is at a historically low level, and the credit structure continues to optimize. According to Zou Lan, in the next phase, the People's Bank of China will continue to implement a moderately loose monetary policy, adjust the intensity, pace, and timing of the policy implementation based on domestic and international economic and financial conditions, increase counter-cyclical adjustments, focus on expanding domestic demand, optimizing supply, enhancing internal driving forces for economic development, continuously consolidating and expanding the steady growth momentum of the economy, and effectively support a good start to the "Fifteenth Five-Year Plan." Yan Xiandong, the Director of the Survey and Statistics Department, mentioned that this year, the scale of asset management products has maintained a relatively high growth rate. By the end of June, the total assets of asset management products reached 124.8 trillion yuan, an increase of 12.7% year-on-year, with an increase of 4.6 trillion yuan from the beginning of the year. The sources of funds show that non-financial enterprises have a faster growth rate in fundraising, while households remain the main source of incremental funds for asset management products. In terms of fund utilization, various underlying assets have experienced differentiation in growth, with bonds showing a significant increase in amount. The press conference also discussed the development of the offshore RMB market, with efforts focused on maintaining liquidity, enriching the asset pool, promoting active trading of financial products, and enhancing financial infrastructure services for the offshore RMB market. The People's Bank of China aims to support the high-quality development of the offshore RMB market by facilitating the participation of foreign issuers and investors, promoting the stable issuance and trading of Panda bonds, and facilitating the use of the RMB in global trade and investment.