Lu Liping: In the first quarter, the domestic monetary policy maintained overall stability, optimized structure, and reduced costs.

The National Bureau of Statistics released China's economic data for the first quarter on the 16th. At the "Analysis of the Economic Situation in the First Quarter of 2026" event held by China News Service on the same day, Professor Lu Liping from the School of Finance and Economics at Renmin University pointed out that the monetary policy in the first quarter was "stable in terms of overall quantity, optimal in structure, and cost-effective", and the overall liquidity of quantity tools remained ample. In January, the central bank conducted 1.1 trillion yuan of 3-month reverse repurchase agreements and in March, the central bank conducted 500 billion yuan of MLF operations, continuously increasing for the third consecutive month. In the first quarter, the interbank RMB market including interbank borrowing, spot transactions, and repurchase agreements saw an average daily trading volume of 9.94 trillion yuan, a 36% increase year-on-year, indicating a significant increase. These funds will eventually flow into the real economy, playing a corresponding role in economic growth.