央行、外汇局最新会议！继续实施适度宽松的货币政策

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the continuation of a moderately accommodative monetary policy for 2026, focusing on enhancing financial services for high-quality economic development and deepening financial reforms and higher-level opening-up [1][2]. Monetary Policy - The PBOC will implement various monetary policy tools, including reserve requirement ratio (RRR) cuts and interest rate reductions, to maintain ample liquidity and support balanced credit growth [2][3]. - The central bank aims to keep the RMB exchange rate stable at a reasonable level while preventing excessive fluctuations [2][3]. Financial Services - The PBOC plans to improve the financial support framework for key areas such as domestic demand, technological innovation, and small and micro enterprises [3]. - There will be a focus on enhancing the bond market, particularly the "technology board," and increasing credit support for consumer services and agriculture [3][4]. Financial Risk Management - The PBOC will strengthen macro-prudential management and financial stability measures, including establishing mechanisms for providing liquidity to non-bank institutions under specific scenarios [3][4]. - Continuous efforts will be made to combat illegal activities in financial markets and enhance regulatory enforcement [3][4]. Financial Reform and Opening-Up - The PBOC will optimize mechanisms like "Bond Connect" and "Swap Connect," support the construction of Shanghai as an international financial center, and facilitate the use of RMB in trade and investment [3][4]. - The central bank encourages more eligible foreign entities to issue Panda bonds [3][4]. Foreign Exchange Management - The State Administration of Foreign Exchange (SAFE) aims to create a more convenient, open, secure, and intelligent foreign exchange management system in 2026 [5][6]. - Key tasks include deepening foreign exchange facilitation reforms, supporting the development of new trade formats like cross-border e-commerce, and enhancing the management of trade credit reporting [6]. External Risk Mitigation - SAFE will strengthen macro-prudential management and expectation management to maintain a stable foreign exchange market amid external shocks [6].