The PBOC MPC met on Sept 19 for its Q3 2026 (114th) session. It said macro
policy has been more proactive this year and monetary policy remains moderately
accommodative, with stronger countercyclical and cross-cycle adjustments and
comprehensive use of multiple tools to support sustained improvement in the
economy. LPR reform continues to release effects and the deposit-rate
marketization mechanism is functioning effectively, boosting monetary policy
transmission; social financing costs are at historically low levels. FX
supply-demand is broadly balanced; the RMB is allowed two-way fluctuation and
has remained basically stable at a reasonable equilibrium. Financial markets
have operated smoothly.
