货币政策继续适度宽松 央行释放新信号

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately accommodative monetary policy in 2026, focusing on enhancing both incremental and stock policies to support economic recovery and stabilize prices [1][2]. Monetary Policy - The meeting emphasized the importance of promoting high-quality economic development and reasonable price recovery as key considerations for monetary policy, utilizing various tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity [2][3]. - The PBOC aims to ensure that social financing conditions remain relatively loose, guiding reasonable growth in total financing and balanced credit allocation, aligning the growth of social financing and money supply with economic growth and price level expectations [2][3]. Financial Resource Allocation - The meeting highlighted the need to optimize the financial policy framework to focus resources on key areas, particularly through structural tools and market innovations, with a notable emphasis on the development of the "technology board" in the bond market [4]. - In 2025, over 700 entities issued technology innovation bonds through this platform, with a total scale exceeding 1.5 trillion yuan, addressing financing challenges for technology enterprises [4]. Structural Monetary Policy Tools - The PBOC will continue to enhance the "precision drip irrigation" effect of structural monetary policy tools, optimizing tool design and management to increase credit support for consumption and small and micro enterprises [4][6]. - It is anticipated that structural tools will see an "increase in quantity and decrease in price" trend in 2026, with steady increases in quotas and reductions in operational interest rates, aiding in the transition of old and new growth drivers [4]. Supply Chain Financing - The meeting underscored the importance of strengthening regulatory oversight of key supply chain financing information service platforms to ensure smooth funding flows while preventing risks associated with false trade [6]. - The financial work in 2026 is expected to support multiple missions, including stabilizing growth, adjusting structures, preventing risks, and promoting openness, reflecting a commitment to high-quality financial development [6].