The People's Bank of China (PBOC) reviewed policy actions taken from January through September 2026, covering expanded targeted credit and housing support, changes to liquidity operations and broader cross-border renminbi arrangements. Relending and rediscount rates were reduced by 0.25 percentage points from Jan. 19. Meanwhile, the one-year and over-five-year loan prime rates remained unchanged at 3.0% and 3.5%, respectively, in each monthly fixing over the period.
Agricultural and small business relending quotas increased by CNY 500 billion in January and another CNY 500 billion in September. A CNY 1 trillion private enterprise relending facility was established within that framework in January, with a further CNY 300 billion allocated as part of September's increase. Technology innovation and technological renovation relending received additional quotas of CNY 400 billion in January and CNY 200 billion in September, when its support ratio rose from 60% to 100%. September measures also cut the pledged supplementary lending rate by 0.25 percentage points to 1.50% and extended eligibility to six categories of network infrastructure, including water, electricity, computing and communications networks. Separately, a joint housing measure made qualifying households taking out loans to buy commercial housing from Oct. 1 eligible for interest subsidies, under a program provisionally lasting one year.
Changes to liquidity operations included setting temporary repo and reverse repo rates at 25 basis points below and above the seven-day reverse repo rate, respectively. Overnight reverse repos using fixed-rate, quantity tenders were added in June. For eligible overseas central bank institutions, the PBOC announced a repo facility providing renminbi liquidity. Cross-border measures supported renminbi interbank financing between domestic banks and overseas institutions and expanded clearing arrangements. Nationwide arrangements for multinational companies to centrally manage cross-border funds in renminbi and foreign currencies took effect on Sept. 14.