China to maintain supportive monetary policy stance: central bank

BEIJING, March 22 (Xinhua) -- China will maintain a supportive monetary policy stance to create a favorable monetary and financial environment for stable economic growth, high-quality development, and the smooth operation of financial markets, the central bank governor said on Sunday.

Pan Gongsheng, governor of the People's Bank of China (PBOC), made the remarks at the China Development Forum 2026.

"We will continue to implement a moderately loose monetary policy," said Pan, noting that China's social financing conditions are currently accommodative, with financial aggregates growing at a reasonable pace.

The central bank will use a variety of monetary policy tools, including the reserve requirement ratio, policy interest rates and open market operations, to keep liquidity ample, he added.

On the exchange rate of the Chinese currency renminbi (RMB), Pan said that China follows a managed floating exchange rate regime. Since the beginning of this year, the RMB has appreciated by about 1.3 percent against the U.S. dollar, 3.7 percent against the euro, 3.2 percent against the Japanese yen, and 2.4 percent against the British pound, he added.

China has neither the need nor the intention to gain trade advantages through currency depreciation, Pan said.

The RMB has made positive progress in internationalization in recent years, providing domestic and foreign entities with more diversified currency choices. Currently, its financing cost remains relatively low, Pan noted.

Pan also emphasized steady promotion of high-level opening up of the financial sector, deepening financial market connectivity and cross-border payment system interoperability to facilitate broader investor participation in China's financial markets.

He welcomed overseas investors to engage and invest in China's financial markets.