中央经济工作会议最新信号，结构性货币政策工具“加量降价”可期

Core Viewpoint - The central economic work conference held in Beijing from December 10 to 11 emphasizes a continuation of moderately loose monetary policy for 2026, indicating strong continuity and stability in macroeconomic policy [2]. Group 1: Monetary Policy Direction - The conference proposes the use of reserve requirement ratio cuts and interest rate reductions as part of the total policy measures [2]. - The People's Bank of China (PBOC) is expected to optimize and effectively utilize various structural monetary policy tools, leading to an overall increase in the amount and a moderate decrease in operational interest rates [2][3]. - Structural monetary policy tools are aimed at facilitating the transition of growth drivers and supporting high-quality development, while also promoting overall credit and social financing growth [2]. Group 2: Focus Areas for Financial Resources - Financial resources will be directed more towards key areas such as technological innovation, manufacturing transformation, green development, small and micro enterprises, and consumption stabilization [2][3]. - The PBOC will gradually shift focus from quantity targets to enhancing the precision and effectiveness of policies, ensuring that financial resources are allocated to weak links in the economy [3]. - As of the end of September, the balance of structural monetary policy tools supporting the financial "five major articles" reached 3.9 trillion yuan, accounting for approximately 13% of the base currency [3].