The central bank: Continue to implement a moderately accommodative monetary policy.

The People's Bank of China held a work meeting for the second half of 2026. The meeting emphasized the continued implementation of an appropriately accommodative monetary policy. It will comprehensively apply and timely adjust monetary policy tools, maintain ample liquidity, guide financial institutions to enhance the balance of credit allocation, and ensure that the growth of social financing scale and money supply aligns with economic growth and overall price level expectations. It will standardize the operational behavior of the credit market, promote the reduction of financing intermediary costs, and keep the overall social financing costs at a low level. It will continue to execute and supervise interest rate policies effectively. It will uphold the decisive role of the market in the formation of exchange rates, maintain exchange rate flexibility, strengthen expectation guidance, and ensure the basic stability of the RMB exchange rate at a reasonable and equilibrium level. It will continuously assess and improve the monetary policy framework.