The PBOC Monetary Policy Committee met on Sept. 19 (Q3 2026) and recommended
leveraging the combined effects of incremental and stock policy measures, and
enhancing the policy’s forward-looking orientation, flexibility and targeting.
It called for calibrating the strength, pace and timing of measures based on
domestic and external economic and financial conditions and market functioning;
comprehensively using and adjusting monetary tools as needed to keep liquidity
ample; aligning growth in social financing and money supply with economic growth
and price-level expectations; and advancing reforms to the monetary policy
operating framework.
