Central Bank Suggests Leveraging the Integrated Effects of Incremental and Stock Policies

The Monetary Policy Committee of the People's Bank of China held its regular meeting for the third quarter of 2026 on September 19 to discuss the next phase of monetary policy. The meeting suggested leveraging the integrated effects of incremental and stock policies to enhance the foresight, flexibility, and targeting of policies. Based on domestic and international economic and financial conditions, as well as the operation of financial markets, it is essential to reasonably grasp the intensity, rhythm, and timing of policy implementation. A comprehensive use of monetary policy tools should be employed and adjusted in a timely manner to maintain ample liquidity, ensuring that the growth of social financing and money supply aligns with the expected targets for economic growth and overall price levels. At the same time, efforts should be made to reform and improve the framework for monetary policy operations.