Under the latest meeting minutes, the People’s Bank of China endorses a moderately loose monetary policy stance and an acceleration of supply-side financial reforms to bolster stable growth and price dynamics. The approach preserves liquidity, aimed at lowering financing costs for the real economy and prioritizing small and micro-enterprises, tech innovation, and key sectors.

Policy execution will carefully gauge the intensity, pace, and timing of measures, leveraging tools like reserve ratio cuts and rate reductions to maintain adequate liquidity and improve the transmission mechanism of policy. The plan seeks to enhance financial support for domestic demand, while strengthening coordination with fiscal policy and ensuring a credible RMB exchange-rate anchor.

On openness and international finance, authorities commit to advancing high-level financial openness and the internationalization of the Renminbi. The multi-channel Renminbi cross-border payment system will continue to expand, alongside pragmatic financial diplomacy and multilateral currency cooperation, including ongoing digital Renminbi development and reforms of global financial governance.