# Trade Fragmentation

Beijing Signals Strategic Pivot: PBOC Governor Pan Gongsheng Unveils 'Moderately Loose' Policy at G20

At the 2026 G20 summit in Washington, PBOC Governor Pan Gongsheng announced a shift to a 'moderately loose' monetary policy to support China's 15th Five-Year Plan. He emphasized the need for global macro-policy coordination while attributing global imbalances to protectionism and flaws in the international monetary system.