CGS(SH:601881) Zheng Quan Shi Bao Wang·2025-11-14 00:25Core Viewpoint - The monetary policy outlook for 2026 indicates a continuation of a moderately accommodative stance, with a shift in the path of easing measures [1] Economic Outlook - China's economy is expected to maintain stable growth in 2026, with a moderate recovery in prices [1] - The RMB exchange rate is projected to show a steady appreciation [1] Monetary Policy Goals - The primary objectives of monetary policy will focus on full employment and financial stability [1] Easing Pathways - The pathways for monetary easing will revolve around three main lines: stabilizing expectations, preventing risks, and coordinating with fiscal policy [1] - A reduction in policy interest rates by 10-20 basis points is anticipated for the year [1] - There will be an enhancement in the efficiency of monetary policy transmission, leading to a simultaneous decrease in deposit and loan rates [1] - A 50 basis point reserve requirement ratio (RRR) cut is expected to reduce bank costs [1] Central Bank Actions - The central bank has resumed purchasing government bonds, which is expected to be the most significant pathway for implementing monetary easing in 2026 [1] - The central bank's balance sheet is projected to show steady expansion in 2026 [1]