Group 1 - The core viewpoint of the article emphasizes the continuation of a moderately loose monetary policy in 2026, focusing on stabilizing economic growth and ensuring reasonable price recovery as key considerations for monetary policy [3][5][6] - The monetary policy will adapt to the macroeconomic environment, with a strong emphasis on supporting the economy through counter-cyclical adjustments and enhancing the efficiency of existing policies rather than simply increasing them [4][6][7] - Analysts predict that the monetary policy will see three major changes: a greater focus on high-quality development and price stability, innovation in liquidity transmission mechanisms, and a combination of overall easing with precise structural tools [5][9] Group 2 - The People's Bank of China (PBOC) is expected to pay more attention to the effectiveness of policy transmission and implementation quality, with plans to narrow interest rate corridors and stabilize government bond yield curves [7][8] - The central bank will flexibly and efficiently utilize various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions, adapting to internal and external economic conditions [8][9] - There is an anticipated increase in new RMB loans and social financing, supported by the moderately loose monetary policy, which aims to boost consumer spending, stabilize investment, and support the real estate market [9]
货币政策新年有新意 促进物价合理回升成重要考量 探索开展金融市场宏观审慎管理
Shang Hai Zheng Quan Bao·2026-01-12 18:35