降准降息可期 央行定调今年工作重点

Core Insights - The People's Bank of China (PBOC) has outlined key priorities for 2026, including the continuation of a moderately accommodative monetary policy and the deepening of financial reforms and opening-up measures [1][2] Group 1: Monetary Policy - The PBOC aims to promote high-quality economic development and reasonable price recovery as important considerations for monetary policy [1] - The bank plans to flexibly and efficiently utilize various monetary policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity [1] - The goal is to ensure that the growth of social financing and money supply aligns with economic growth and price level expectations [1] Group 2: Financial Reform and Opening-Up - The PBOC has made several deployments to deepen financial reform and enhance openness, including optimizing the "Bond Connect" and "Swap Connect" mechanisms [2] - Support for the construction of the Shanghai International Financial Center and the maintenance of Hong Kong's status as an international financial hub are emphasized [2] - The bank aims to facilitate the use of the renminbi in trade and investment through central bank currency swaps and improve cross-border financial services [2] - There is an initiative to welcome more eligible foreign entities to issue panda bonds and to expand the scope of rapid payment systems [2]