Group 1: Monetary Policy Direction - The People's Bank of China (PBOC) emphasizes promoting high-quality economic development and reasonable price recovery as key considerations for monetary policy in 2026, utilizing various tools such as reserve requirement ratio (RRR) cuts and interest rate reductions flexibly and efficiently [1][2] - The 2026 monetary policy will focus on both total and structural policies, maintaining ample liquidity and relatively loose social financing conditions to align the growth of social financing and money supply with economic growth and price level expectations [2][3] Group 2: Exchange Rate Management - The PBOC aims to maintain the stability of the RMB exchange rate at a reasonable and balanced level while preventing excessive fluctuations, with recent trends showing a strong recovery of the RMB against the USD [4][5] - Analysts predict that the RMB may experience moderate appreciation in 2026, supported by a favorable external environment, including the ongoing easing cycle of the Federal Reserve [4][6] Group 3: Financial Risk Prevention - The PBOC identifies the resolution of financial risks in key areas as a top priority for 2026, with measures to address risks related to financing platforms, small financial institutions, and financial markets [7] - A proposed mechanism for providing liquidity support to non-bank financial institutions in specific scenarios aims to enhance the financial stability framework, responding to potential systemic pressures [7][8]
降准降息可期！央行2026年政策定调，非银流动性机制有望破题
Di Yi Cai Jing Zi Xun·2026-01-06 12:15