PBOC’s Pan Gongsheng pledges to keep stock, bond and FX markets stable

The explicit mention of capital-market tools alongside a moderately loose stance signals the PBOC treating market stability as an operational objective rather than a byproduct of broader policy. This matters most for domestic equity, bond and currency participants, who now have a clearer read on the central bank's reaction function, and for offshore investors gauging policy predictability. Whether the pledged tools translate into visible support during stress episodes, and how they interact with stronger regulation, is the open question worth watching.