PBOC Urges Long-Term Policy Commitments to Avoid Flip-Flopping

The PBOC is making a structural argument, not a cyclical one: it is framing policy credibility itself as a stabilizer, and pointing to tariff-driven front-running as evidence that reactive short-term measures amplify the imbalances they aim to fix. This matters most for currency and cross-border flow expectations, where the bank's own yuan stance is the implicit subject. The open question is whether this framing translates into more durable yuan guidance, or remains a critique aimed outward at other policymakers.