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 [3] Group 1: PBOC's Key Work Areas for 2026 - The PBOC will focus on seven key areas, including the flexible and efficient use of various monetary policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions [3][4] - The PBOC aims to prevent excessive fluctuations in the exchange rate and optimize mechanisms like "Bond Connect" and "Swap Connect" [3][4] - The central bank will enhance financial support for key sectors such as domestic demand, technological innovation, and small and micro enterprises [4] Group 2: Financial Risk Management - The PBOC will leverage macro-prudential management to mitigate financial risks in key areas and strengthen regulatory enforcement in financial markets [4] - A mechanism will be established to provide liquidity to non-bank institutions under specific scenarios [4] Group 3: Financial Reform and Opening-Up - The PBOC will continue to optimize the "Bond Connect" and "Swap Connect" mechanisms and support the construction of Shanghai as an international financial center [4] - The central bank will facilitate the use of the Renminbi in trade and investment and improve cross-border financial services [4] Group 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 [7] - Key tasks include deepening foreign exchange facilitation reforms and steadily advancing high-level institutional opening in the foreign exchange sector [8] - SAFE will support the development of new trade formats like cross-border e-commerce and enhance trade credit reporting management [8]