Report published September 24, 2026
PBOC Q3 MPC Meeting: Broad Stance Unchanged, FX Management in Focus – Goldman Sachs
Goldman Sachs · September 24, 2026
The PBOC's Q3 MPC statement left its monetary policy stance broadly unchanged, mirroring previous Politburo language rather than signaling fresh easing. Goldman Sachs maintains its baseline of no policy rate or RRR cuts in 2026, noting that the central bank's primary incremental emphasis was on preventing RMB appreciation overshoots.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.The PBOC maintained its broadly unchanged 'moderately accommodative' monetary policy stance, and language shifts mirrored the July Politburo meeting rather than indicating fresh easing.
- 2.Goldman Sachs maintains its baseline forecast of no policy rate or RRR cuts in 2026.
- 3.The key incremental change was an emphasis on FX management to prevent herd behavior and avoid RMB appreciation overshoots ahead of year-end corporate FX settlement.
Table of Contents
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- Main points:
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| Policy Rate Cuts Expected in 2026 | 0 cuts | Goldman Sachs baseline forecast for PBOC policy rate and RRR adjustments |
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