On March 31, the Monetary Policy Committee of the People's Bank of China held its first quarter meeting of 2026 (the 112th meeting in total) on March 26. The meeting analyzed the domestic and international economic and financial situation, noting that the current changes in the external environment are deepening, the world economy is showing weak momentum, and there are frequent geopolitical and trade conflicts. The economic performance of major economies is diverging, and there is uncertainty regarding inflation trends and monetary policy adjustments. China's economy is generally stable and progressing steadily, achieving new results in high-quality development, but still faces challenges such as strong supply and weak demand, as well as external shocks. It is necessary to continue implementing a moderately loose monetary policy, strengthen counter-cyclical and cross-cyclical adjustments, better utilize the dual functions of monetary policy tools in terms of both quantity and structure, enhance the coordination between monetary and fiscal policies, and promote stable economic growth and a reasonable recovery of prices.