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PBOC Steps Up Counter-cyclical Adjustments, Continues to Implement Moderately Accommodative Monetary Policy
2026-11-12 09:44:19 The People's Bank of China (PBOC) released its third-quarter China monetary policy implementation report, stating that the current external environment has become more complex and volatile. The PBOC will continue to implement a moderately accommodative monetary policy to create a suitable monetary and financial environment for stable economic growth, high-quality development and smooth financial market operations. It will enhance the forward-looking, flexible and targeted nature of policies, comprehensively utilize and adjust monetary policy tools in a timely manner based on domestic and overseas economic and financial conditions and financial market developments, and properly manage the intensity, pace and timing of policy implementation. The central bank will maintain ample liquidity and relatively accommodative financing conditions, guiding the growth of Aggregate Financing to the Real Economy (Flow) and money supply to align with economic growth and expected price targets. It will steadily advance reforms to the monetary policy operational framework and better guide short-term money market rates to operate steadily around policy rates. The PBOC will also leverage the market-based interest rate pricing self-regulatory mechanism, strengthen implementation and supervision of interest rate policies, and promote the transition of loan pricing benchmarks from primarily referencing the Loan Prime Rate (LPR) to more diversified pricing benchmarks. It will continue efforts to disclose comprehensive corporate financing costs, reduce intermediary financing fees and maintain overall financing costs at relatively low levels. The PBOC will give full play to various structural monetary policy tools, continuously improve tool design and management, and solidly advance the "five major financial initiatives". It will strengthen financial support for key areas including expanding domestic demand, technological innovation, small and micro enterprises and the construction of the "six networks". The central bank will continue to improve financial services supporting the development and expansion of the private economy. It will adhere to a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies, maintain exchange rate flexibility, and allow the exchange rate to serve as an automatic stabilizer for the macroeconomy and balance of payments. ~ AASTOCKS Financial News Website: www.aastocks.com | |