The Shanghai headquarters of the central bank: solidly implement a moderately relaxed monetary policy and actively promote financial institutions to deeply explore effective credit demand.

On August 4, the Shanghai headquarters of the Peoples Bank of China held a work conference for the second half of 2026. The conference emphasized that the Peoples Bank of China Shanghai headquarters should earnestly implement a moderately loose monetary policy and actively promote financial institutions to thoroughly explore effective credit demand. Make good use of various structural monetary policy tools. Implement the financial Five Major Articles 1+N series of policies. Promote the effective implementation of the bond market Technology Board in Shanghai. Steadily deepen financial reform and opening-up. Construct a sound foreign exchange management system. Implement high-level opening-up of cross-border trade and investment financing, overseas lending, overseas listings, and other new policies. Enhance the exchange rate hedging capacity of small and micro enterprises. Collaboratively advance cross-border finance and offshore finance, and accelerate the effective implementation of comprehensive reform pilots for offshore financial services. Promote the application of digital RMB scenarios and the construction of its ecosystem. Continuously carry out local legislation in the financial sector. Continuously improve the mechanism for preventing and resolving systemic risks. Strengthen efforts to combat illegal financial activities. Continuously enhance the framework for macro-prudential management. Overall, improve the level of cross-border financial risk monitoring.