央行明确今年七大重点工作，解读来了→

Core Viewpoint - The People's Bank of China (PBOC) is set to continue its moderately accommodative monetary policy in 2026, focusing on supporting high-quality economic development and addressing financial risks while enhancing financial services [1][12][20]. Group 1: Key Tasks for 2026 - The PBOC has outlined seven key tasks for 2026, including the promotion of strict party governance, the continuation of a moderately accommodative monetary policy, and the enhancement of financial services for high-quality economic development [1][12][15]. - The tasks also include the prudent resolution of financial risks in key areas, the deepening of financial reform and opening-up, the active promotion of global financial governance reform, and the improvement of financial management and service capabilities [2][3][14][15]. Group 2: Monetary Policy and Economic Support - The PBOC's monetary policy has been supportive, with a series of policies implemented to boost market confidence and stabilize economic operations [15][16]. - In 2025, the monetary policy effectively supported the steady recovery of the real economy, with a focus on maintaining liquidity and optimizing the structure of financial support [16][18]. - The overall financing scale and broad money supply growth are expected to exceed nominal GDP growth by about 1 time [5][16]. Group 3: Interest Rates and Financing Costs - The PBOC has lowered policy interest rates, resulting in a decrease in the average interest rates for new loans, with corporate loans at approximately 3.1%, down about 30 basis points year-on-year [17][18]. - The decline in comprehensive financing costs reflects a relatively loose monetary condition, which has facilitated effective financing demand from the real economy [18][19]. Group 4: Structural Adjustments in Financing - The PBOC has increased the quotas for re-lending to support technological innovation and consumption, with specific allocations of 300 billion yuan for technology and 500 billion yuan for consumption and elderly care [7][18]. - As of November 2025, the balance of various loans in renminbi reached 271 trillion yuan, with a year-on-year growth of 6.4%, indicating a focus on key economic sectors [7][18]. Group 5: Transparency in Financing Costs - The pilot program for disclosing comprehensive financing costs for enterprises aims to clarify the costs associated with loans, helping businesses understand their financial obligations better [10][22]. - This initiative is expected to reduce the overall financing costs for enterprises, enhancing their financial decision-making capabilities [22][23].