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From 2010 to 2026, China’s monetary policy was shaped by generally moderate inflation and a gradual shift toward easing. Consumer inflation peaked at *** percent in July 2011 and again at *** percent in January 2020 before remaining relatively subdued for the following years. A later inflation surge culminated in a peak of *** percent in September 2022, after which price pressures eased steadily. Over the same period, the policy rate remained elevated at **** percent between 2016 and 2019 before entering a phase of incremental reductions. In May 2025, the People’s Bank of China cut the policy rate from *** percent to percent. By June 2026, year-over-year inflation stood at *** percent, underscoring subdued price dynamics alongside a more accommodative monetary policy stance.