[PBOC Emphasizes Implementation of Moderately Loose Monetary Policy] The People's Bank of China (PBOC) Monetary Policy Committee held its first-quarter 2026 regular meeting on March 26. The meeting analyzed domestic and international economic and financial conditions, noting that the current external environment is becoming increasingly complex, with divergent economic performances among major economies and uncertainties surrounding inflation and monetary policy adjustments. The meeting proposed continuing the implementation of a moderately loose monetary policy, enhancing counter-cyclical and cross-cyclical adjustments, leveraging the dual functions of monetary policy tools in terms of both aggregate and structural aspects, strengthening coordination between monetary and fiscal policies, and promoting stable economic growth and a reasonable recovery in prices.