The central bank's tone for the second half of the year: policies will be "adjusted in a timely manner" to support domestic demand expansion, with sufficient tools reserved for future use.

According to the Zhifeng Financial APP, on August 1, the People's Bank of China held a work meeting for the second half of 2026. In the second half of 2026, the People's Bank of China system must earnestly study and understand the important speech delivered by General Secretary Xi Jinping at the Central Politburo meeting regarding the current economic situation and the need to effectively carry out economic work in the second half of the year. We must align our thoughts and actions with the Party Central Committee's analysis, judgment, and decision-making on the economic situation, adhere to the general principle of pursuing progress while maintaining stability, fully and accurately implement the new development concept, effectively carry out moderately loose monetary policy, maximize the efficacy of various existing policies, timely plan and introduce pragmatic and effective incremental policies, intensify counter-cyclical adjustments, boost domestic demand, optimize supply, and ensure the solid execution of key tasks in the second half of the year to promote sustained, new, and improved economic development.