PBOC Releases Q3 2026 China Monetary Policy Implementation Report

The People's Bank of China (PBOC) released the Q3 2026 China Monetary Policy Implementation Report on its official website on November 11, 2026, according to China News Service.

Key figures from the report

• Average overnight money market interest rate DR001 in the first three quarters: 1.34%
• Year-on-year growth of social financing stock at end of September: 7.1%
• Year-on-year growth of broad money supply (M2) at end of September: 7.2%
• Interest rate on newly issued corporate loans in September: slightly below 3.0%, about 0.2 percentage points lower than the same period last year
• Interest rate on newly issued personal housing loans in September: about 3.1%, basically flat compared to the same period last year
• RMB closing price against the US dollar at end of September: 6.7053 yuan, appreciating by 4.1% compared to the end of last year
• CFETS RMB Exchange Rate Index at end of September: 103.20, appreciating by 5.3% compared to the end of last year

Credit structure

The report states that the credit structure continues to optimize. At the end of September, technology loans, green loans, inclusive loans, pension industry loans, and digital economy industry loans grew year-on-year by 12.0%, 13.0%, 6.5%, 16.2%, and 15.7%, respectively, consistently higher than the growth rate of all loans.

Policy stance

The PBOC said it will persist in 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 financial markets. The bank will enhance the foresight, flexibility, and pertinence of policies and comprehensively use and adjust monetary policy tools in a timely manner.

Why it matters

The report provides an official assessment of China's monetary conditions and credit flows through the third quarter of 2026, signaling the central bank's intent to maintain accommodative financing conditions while monitoring domestic and international economic and financial developments.

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Sources

• chinanews.com.cn (in Chinese): PBOC Releases Q3 2026 China Monetary Policy Implementation Report - Chinanews.com
• news.futunn.com: The central bank: Make good use of the bond market's large-scale redemption swap facility for non-bank institutions to maintain the stable operation of financial markets, including equities, bonds, and foreign exchange.

This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.