The central bank releases China’s monetary policy implementation report for the third quarter of 2026

China News Service, November 11. On the 11th, the central bank released China’s monetary policy implementation report for the third quarter of 2026 on its official website. The report shows that since the beginning of this year, my country's economy has maintained stable operation, showing a development trend of new momentum and improved structure. The People's Bank of China continues to implement a moderately loose monetary policy and comprehensively uses a variety of monetary policy tools to create a suitable monetary and financial environment for the continued improvement of the economy.

The report mentioned that moderately loose monetary policy continues to be effective, and the quality and efficiency of financial services to the real economy continue to improve. The banking system has ample liquidity. The average overnight interest rate DR001 in the money market in the first three quarters was 1.34%, and the overall operation was stable. The total financial volume maintained reasonable growth. At the end of September, the stock of social financing and broad money supply (M2) increased by 7.1% and 7.2% respectively year-on-year. Comprehensive social financing costs are at a low level. The interest rate of newly issued corporate loans in September was slightly lower than 3.0%, about 0.2 percentage points lower than the same period last year. The interest rate of newly issued personal housing loans was approximately 3.1%, basically the same as the same period last year. The credit structure continues to be optimized. At the end of September, technology loans, green loans, inclusive loans, pension industry loans, and digital economy industry loans increased by 12.0%, 13.0%, 6.5%, 16.2%, and 15.7% respectively year-on-year, which continued to be higher than the growth rate of all loans. Supply and demand in the foreign exchange market are basically stable, and the RMB exchange rate remains basically stable at a reasonable and balanced level. At the end of September, the closing price of the RMB exchange rate against the US dollar was 6.7053 yuan, an appreciation of 4.1% from the end of the previous year. The China Foreign Exchange Trading Center (CFETS) RMB exchange rate index was 103.20, an appreciation of 5.3% from the end of the previous year.

In the next stage, the People's Bank of China will insist on implementing a moderately loose monetary policy to create a suitable monetary and financial environment for stable economic growth, high-quality development and the smooth operation of the financial market. Enhance the forward-looking flexibility and pertinence of policies, comprehensively use and timely adjust monetary policy tools based on domestic and foreign economic and financial situations and financial market operations, grasp the intensity, rhythm and timing of policy implementation, maintain sufficient liquidity and relatively loose social financing conditions, and guide the growth of social financing scale and money supply to match the expected goals of economic growth and overall price levels.