Report on the Implementation of China's Monetary Policy by the Central Bank: Continue to Implement Moderately Loose Monetary Policy According to Golden Finance, on May 11th, the People's Bank of China released the first quarter of 2026 report on the implementation of China's monetary policy. It is mentioned that we should continue to implement a moderately loose monetary policy. Enhance policy foresight, flexibility, and targeting. Based on the domestic and international economic and financial situation and the operation of financial markets, grasp the intensity, pace, and timing of policy implementation, strengthen the coordination of monetary and fiscal policies, smooth the transmission mechanism of monetary policies, and promote stable economic growth and reasonable price recovery. Flexibly utilizing various monetary policy tools, maintaining sufficient liquidity and relatively loose social financing conditions, guiding the reasonable growth of financial aggregate and balanced credit injection, so that the growth of social financing scale and money supply matches the expected goals of economic growth and overall price level. Further improve the interest rate regulation framework, strengthen the guidance of the central bank's policy interest rates, improve the transmission mechanism of market-oriented interest rates, give full play to the self regulatory mechanism of market interest rate pricing, strengthen the implementation and supervision of interest rate policies, reduce bank debt costs, guide financial institutions to improve their interest rate pricing ability, and promote the low operation of comprehensive social financing costs. Continuously deepen the work of indicating the comprehensive financing cost of enterprise loans. Give full play to the dual functions of the total quantity and structure of monetary policy tools, make good use of various structural monetary policy tools, optimize tool management, solidly carry out the "five major articles" of finance, and strengthen financial support for key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises. Adhere to a managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies for adjustment, maintain exchange rate flexibility, leverage the macroeconomic and international balance of payments automatic stabilizer functions of exchange rate adjustment, implement comprehensive policies, enhance the resilience of the foreign exchange market, stabilize market expectations, prevent exchange rate overshoot risks, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Expand and enrich the macro prudential and financial stability functions of the central bank, improve the macro prudential and financial stability management toolbox, maintain the smooth operation of the financial market, and firmly hold the bottom line of preventing systemic financial risks.