央行：降准降息还有一定空间

Core Viewpoint - The People's Bank of China (PBOC) indicates that there is still room for further reductions in reserve requirements and interest rates to support high-quality economic development in 2026 [2][3]. Group 1: Monetary Policy Adjustments - The average statutory deposit reserve ratio for financial institutions is currently 6.3%, suggesting potential for further reserve requirement cuts [2]. - The PBOC aims to maintain relatively loose social financing conditions and guide reasonable growth in financial totals, utilizing various monetary policy tools including reserve requirement and interest rate reductions [3]. Group 2: Government Bond Market Operations - The PBOC has been actively involved in the government bond market, with 16 trillion yuan of government bonds issued in 2025, and a net increase of 6.6 trillion yuan, resulting in a year-end balance of approximately 40 trillion yuan [3]. - The central bank's operations, including buyback agreements for government bonds, have reached nearly 7 trillion yuan, enhancing market liquidity and supporting the smooth issuance of government bonds [3][4].