央行：把促進經濟高質量發展、物價合理回升作爲貨幣政策的重要考量

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately loose monetary policy in 2026, focusing on promoting high-quality economic development and reasonable price recovery as key considerations for monetary policy [1][10]. Group 1: Monetary Policy Implementation - The PBOC plans to utilize various monetary policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity and relatively loose financing conditions [1][10]. - The central bank aims to ensure that the growth of social financing and money supply aligns with economic growth and price level expectations [1][10]. - The PBOC will enhance the transmission mechanism of monetary policy and improve the execution and supervision of interest rate policies to keep financing costs low [2][11]. Group 2: Financial Risk Management - The PBOC will continue to address debt risks associated with financing platforms and promote the orderly exit of these platforms [2][12]. - There will be a focus on risk identification and early correction for small and medium-sized financial institutions, enhancing macro-prudential management and financial stability [2][12]. - The establishment of a macro-prudential and financial stability committee will further strengthen the financial stability framework [2][12]. Group 3: International Financial Cooperation - The PBOC will deepen bilateral and multilateral financial cooperation, participating in global macroeconomic policy coordination and international financial rule-making [2][13]. - Support for the establishment of the International Monetary Fund (IMF) Shanghai Center is part of the strategy to enhance international financial collaboration [2][13]. Group 4: Financial Market Development - The PBOC aims to optimize the supervision of various financial markets, including the interbank bond market, currency market, and foreign exchange market, to enhance financial infrastructure [2][12]. - The central bank will promote the development of the Shanghai International Financial Center and maintain the stability and prosperity of the Hong Kong financial market [2][12]. Group 5: Financial Reform and Opening Up - The PBOC will continue to deepen financial reform and high-level opening up, optimizing mechanisms like "Bond Connect" and "Swap Connect" [2][12]. - There will be an emphasis on improving the infrastructure for cross-border use of the Renminbi and welcoming more qualified foreign entities to issue Panda bonds [2][12].