Central Bank: Maintain Stable Operation of Financial Markets and Stabilize Market Expectations

证券时报记者 贺觉渊

The People’s Bank of China’s Monetary Policy Committee held its first-quarter 2026 regular meeting recently. The meeting required that we continue to implement a moderately accommodative monetary policy, intensify countercyclical and cross-cycle adjustments, better play the dual role of monetary policy tools in both quantity and structure, strengthen coordination and cooperation between monetary and fiscal policies, and promote steady economic growth and a reasonable rebound in prices. For the monetary policy in the next stage, the meeting suggested strengthening the execution and supervision of interest rate policies and reducing financing intermediary fees. Enhance the resilience of the foreign exchange market to stabilize market expectations. Maintain stable operation of the financial markets.

When analyzing external developments, this regular meeting noted that changes in the external environment are having a deepening impact; the assessment of the world economy’s growth momentum has shifted from “insufficient” in the previous quarter’s meeting to “weak.” It also pointed out that the economic performance of major economies has diverged to some extent, and that there is uncertainty regarding the inflation outlook and adjustments to monetary policy. In analyzing challenges in domestic economic operation, while continuing to emphasize the problem of “supply strength but weak demand,” this meeting also proposed that China faces challenges from “external shocks.”

The meeting studied the main thinking for the monetary policy in the next stage, and suggested that we should leverage the integrated effects of incremental policies and existing-stock policies, comprehensively use multiple tools, strengthen monetary policy regulation, and, based on domestic and external economic and financial conditions and the operation of financial markets, grasp the intensity, pace, and timing of policy implementation. Maintain ample liquidity so that the growth of social financing size and money supply growth will align with economic growth and the expected targets for the overall price level.

Regarding interest rates, the meeting suggested strengthening the execution and supervision of interest rate policies. Standardize the operating behavior of the credit market, reduce financing intermediary fees, and promote low operation of society’s overall financing costs.

In the past two years, the central bank has guided commercial banks to clearly show to enterprises the annualized comprehensive financing cost of loans, and to standardize financing intermediary fees and implicit costs. Since the pilot was launched, the central bank’s “loan straightforward sheet” work has effectively helped enterprises reduce burdens and lower costs.

The meeting suggested observing and assessing the operation of the bond market from a macro-prudential perspective, and paying attention to changes in long-term yields. The meeting emphasized enhancing the resilience of the foreign exchange market, stabilizing market expectations, and maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level. In addition, although this meeting did not mention “maintaining stability in the capital markets,” it required that we continue to do a good job in financial services to support the development and growth of the private economy, and maintain stable operation of the financial markets.

(Editor: Dong Pingping )

     【Disclaimer】This article only represents the author’s own viewpoints and is not related to Hexun. Hexun.com’s website maintains neutrality toward statements and judgments of opinions contained in the text, and does not provide any express or implied guarantee regarding the accuracy, reliability, or completeness of the content. Readers are requested to rely on this information for reference only and bear all responsibility themselves. Email: news_center@staff.hexun.com

Report