On September 24, the Monetary Policy Committee of the People's Bank of China held its 114th regular meeting on September 19, 2026. The meeting discussed the main ideas for the next phase of monetary policy, recommending the integration of incremental and stock policies to enhance the forward-looking flexibility and targeting of policies. It emphasized the need to adjust the strength, pace, and timing of policy implementation based on domestic and international economic and financial conditions as well as the operation of financial markets. The committee aims to comprehensively utilize and timely adjust monetary policy tools to maintain ample liquidity, ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations. It also seeks to promote the reform and improvement of the monetary policy operational framework, standardize credit market practices, reduce financing intermediary costs, and facilitate low comprehensive financing costs in society. From a macro-prudential perspective, the committee will observe and assess the bond market's operation and pay attention to changes in long-term yields. It aims to enhance the transmission mechanism of monetary policy and improve the efficiency of fund utilization. The committee will uphold the decisive role of the market in exchange rate formation, strengthen the resilience of the foreign exchange market, stabilize market expectations, and prevent the self-reinforcement of market 'herd behavior' and irrational expectations, maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level.