PBOC: Will continue to implement the moderately loose monetary policy well.

On October 15, 2026, the G20 held its third G20 Finance Ministers and Central Bank Governors Meeting of the year in Bangkok, Thailand. Pan Gongsheng, Governor of the People's Bank of China, attended the meeting and delivered remarks. Pan Gongsheng stated that China's high-quality economic development continues to show a positive trend, the financial market is operating smoothly, and the fundamentals and supporting conditions for long-term positive economic growth have not changed. The People's Bank of China will continue to implement the moderately loose monetary policy well, and create a favorable monetary and financial environment for the stable growth of China's economy and the smooth operation of the financial market. The original text is as follows: PBOC Governor Pan Gongsheng Attends the G20 Finance Ministers and Central Bank Governors Meeting On October 15, 2026, the G20 held its third G20 Finance Ministers and Central Bank Governors Meeting of the year in Bangkok, Thailand. The meeting discussed topics including the global economic situation and outlook, and financial sector reform. Pan Gongsheng, Governor of the People's Bank of China, attended the meeting and delivered remarks. Xuan Changneng, Deputy Governor of the People's Bank of China, attended the meeting. All parties at the meeting believed that the world economy has generally remained resilient, but still faces multiple risks and challenges. Trade frictions and protectionism drag down the global economy by affecting supply chains, pushing up inflation, and disrupting market expectations. The financial sector is an important foundation for achieving efficient resource allocation and steady economic growth. All parties support improving the financial regulatory framework and maintaining financial stability. All parties called on the G20 to strengthen policy coordination and promote global economic growth. Pan Gongsheng pointed out that intensifying geopolitical conflicts remain the biggest uncertainty for the global economy. Large fluctuations in the government bond markets of some countries and the risk of valuation corrections in artificial intelligence-related assets have exacerbated financial fragility. Modernizing financial regulation does not mean relaxing regulation, and it should not undermine the stability of the financial system and the level of risk resilience. All parties should make full use of the G20 finance cooperation platform, strengthen macroeconomic policy coordination, and work together to address global risks and challenges. Regarding global imbalances, all parties should adopt a more comprehensive analytical perspective. It is not enough to look only at the current account; attention should also be paid to financial channels. In particular, as global financial integration deepens, greater attention should be given to the impact of financial factors such as capital flows on imbalances. Global imbalances cannot be adjusted relying on exchange rates. Exchange rates are affected by multiple factors such as economic growth, monetary policy, financial markets, geopolitics, and sudden risk events, and there is no simple linear relationship with the current account. Deficit countries and surplus countries should work together to achieve dynamic global economic balance. Pan Gongsheng stated that China's high-quality economic development continues to show a positive trend, the financial market is operating smoothly, and the fundamentals and supporting conditions for long-term positive economic growth have not changed. The People's Bank of China will continue to implement the moderately loose monetary policy well, and create a favorable monetary and financial environment for the stable growth of China's economy and the smooth operation of the financial market. This article is compiled from "PBOC". GMTEight editor: Li Fo.