The People’s Bank of China (PBoC) pledged to strengthen counter-cyclical adjustments, boost domestic demand, and improve supply to support sustained, higher-quality economic growth, according to its Q3 monetary policy report. The central bank said it would maintain a flexible, targeted and forward-looking policy approach, keeping liquidity ample and financing conditions accommodative while aligning money supply and credit growth with economic expansion and price-level objectives. It also plans to expand structural policy support for domestic demand, technological innovation, small businesses and key infrastructure, while diversifying loan interest rate pricing benchmarks beyond the loan prime rate (LPR). On the yuan, the board reiterated its commitment to a managed floating exchange rate, aiming to stabilise market expectations, guard against excessive currency swings and keep the yuan broadly stable at a reasonable and balanced level.