[People's Bank of China Holds Second Half of 2026 Work Conference, Continues Implementation of Moderately Loose Monetary Policy] The People's Bank of China held its work conference for the second half of 2026, proposing to continue implementing a moderately loose monetary policy. The People's Bank of China will comprehensively utilize tools such as reverse repos, medium-term lending facilities, and government bond transactions to maintain ample liquidity and guide financial institutions to support financing for the real economy. The People's Bank of China will improve the short-term interest rate regulation mechanism, increase the variety of overnight reverse repo operations, and narrow the interest rate range for temporary overnight repo/reverse repo operations. The People's Bank of China will urge financial institutions to clearly disclose the comprehensive financing costs of loans and maintain low levels of overall social financing costs. As of the end of June, the social financing scale grew by 7.4% year-on-year, and the broad money supply increased by 8.0% year-on-year. The RMB exchange rate will adhere to market determination and maintain two-way fluctuations. (Jin10)