央行：灵活高效运用降准降息等政策工具

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the continuation of a moderately accommodative monetary policy to support high-quality economic development and manage financial risks in 2026 [1][2][3] Group 1: Monetary Policy - The PBOC will maintain a moderately accommodative monetary policy, focusing on promoting high-quality economic development and reasonable price recovery as key considerations [1] - The central bank plans to flexibly utilize various monetary policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to ensure ample liquidity and relatively loose financing conditions [1] - The PBOC aims to keep the RMB exchange rate stable at a reasonable and balanced level while preventing excessive fluctuations [1] Group 2: Financial Services and Risk Management - The PBOC will enhance the financial support for key areas such as domestic demand, technological innovation, and small and micro enterprises through improved structural monetary policy tools [2] - The central bank will strengthen macro-prudential management and financial stability functions, establishing mechanisms to provide liquidity to non-bank institutions under specific scenarios [2] - There will be a focus on reinforcing financial market regulation and combating illegal activities in the financial market [2] Group 3: Financial Reform and Opening Up - The PBOC will continue to optimize mechanisms like "Bond Connect" and "Swap Connect" to support the construction of the Shanghai International Financial Center and enhance Hong Kong's status as an international financial hub [2] - The central bank will facilitate the use of RMB in trade and investment, improving cross-border financial services and infrastructure for RMB usage [2] Group 4: Financial Management and Digital Currency - The PBOC will promote legislative projects related to financial management and develop a financial statistical system that aligns with modern central banking [3] - There will be an emphasis on strengthening the regulatory framework for virtual currencies and continuing to combat related illegal activities [3] - The development of digital RMB will be pursued steadily [3] Group 5: Foreign Exchange Management - The State Administration of Foreign Exchange (SAFE) will focus on creating a more convenient, open, secure, and intelligent foreign exchange management system in 2026 [3] - Key tasks include optimizing trade foreign exchange business management and supporting the development of new trade formats like cross-border e-commerce [3] - SAFE will enhance foreign exchange market analysis and macro-prudential management to maintain stable foreign exchange market operations [3]