The People's Bank of China (PBOC) published its Q3 2026 Monetary Policy Implementation Report on the evening of November 11, pledging to advance institutional opening-up of financial markets alongside risk controls. It said it would step up counter-cyclical adjustments, expand domestic demand and optimize supply as it works toward the country's annual economic development goals. The central bank cited a mismatch between strong supply and weak demand, structural imbalances and increasingly complex external conditions. It pledged to maintain an appropriately loose monetary policy, keep overall borrowing costs low and preserve a basically stable yuan exchange rate at a reasonable and balanced level. The PBOC also said it would strengthen financial support for domestic demand, scientific and technological innovation and infrastructure projects, enrich its policy toolkit and safeguard the stable operation of stock, bond and foreign exchange markets.