中国人民银行副行长邹澜：2026年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 [1][3]. Group 1: Monetary Policy Insights - The average statutory deposit reserve ratio for financial institutions is currently 6.3%, suggesting potential for a reduction in reserve requirements [3]. - The PBOC has noted that external constraints are relatively stable, with the RMB exchange rate being stable and the USD in a rate-cutting cycle, which does not impose strong constraints on monetary policy [3]. - Internally, the net interest margin for banks has stabilized at 1.42% over the past two quarters, indicating a favorable environment for potential interest rate cuts [3]. Group 2: Financing Cost Management - The PBOC plans to continue comprehensive measures to maintain low overall financing costs in society, including promoting transparency in loan costs through "loan clarity papers" for enterprises [3]. - Efforts will be made to reduce assessment, guarantee, and other intermediary financing costs to alleviate the financial burden on businesses and optimize the financing environment [3]. - The PBOC emphasizes the importance of effective execution and supervision of interest rate policies to ensure smooth transmission of these policies [3]. Group 3: Future Monetary Policy Direction - Looking ahead to 2026, the PBOC will implement moderately accommodative monetary policies in line with the central economic work conference's decisions, focusing on both stock and incremental policy effects [3]. - There will be an increased emphasis on counter-cyclical and cross-cyclical adjustments to create a conducive monetary and financial environment for stable economic growth and high-quality development [3].