解读·做好金融“五篇大文章” 多维度读懂2026年继续实施适度宽松货币政策

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately accommodative monetary policy in 2026, focusing on stabilizing economic growth and ensuring reasonable price recovery while maintaining relatively loose social financing conditions [1][3][19]. Monetary Policy Implementation - In 2026, the PBOC will utilize various monetary policy tools, including reserve requirement ratio (RRR) cuts and interest rate reductions, to ensure ample liquidity [3][21]. - The growth of social financing and money supply will be aligned with economic growth and price level expectations [5][19]. Focus Areas for Financial Support - The PBOC will enhance financial services for high-quality development of the real economy, with a focus on expanding domestic demand, supporting technological innovation, and aiding small and medium-sized enterprises [7][9][19]. - Structural monetary policy tools will be emphasized to support consumption and effective investment, particularly in key areas such as green transformation and rural-urban integration [9][21]. Financial Market Opening - The PBOC plans to deepen the high-level opening of financial markets in 2026, optimizing mechanisms like "Bond Connect" and "Swap Connect" to facilitate cross-border use of the Renminbi [10][12]. - The expansion of cross-border financial services will include enhancing the cross-border wealth management connect and promoting the use of digital currency [14][19]. Support for Technological Innovation - The PBOC aims to provide robust financial support for high-level technological self-reliance, with a focus on developing a differentiated financial market ecosystem for technology enterprises [22][30]. - Initiatives such as the "Technology Board" in the bond market will be further developed to meet the financing needs of technology companies throughout their lifecycle [25][30].