扩内需、优供给，防风险、稳预期——持续营造良好货币金融环境

Core Viewpoint - The 2026 work meeting of the People's Bank of China emphasizes the implementation of a moderately loose monetary policy to support high-quality economic development and financial market stability, while enhancing macro policy coordination and risk prevention measures [1]. Monetary Policy Implementation - In 2025, the moderately loose monetary policy showed effectiveness through various measures, including lowering reserve requirements and interest rates to reduce overall financing costs [2]. - The 2026 monetary policy will focus on flexible and efficient use of tools, with an emphasis on the effective transmission of policies and maintaining a stable financing environment [3]. Support for Real Economy - The meeting proposed specific measures to enhance financial services for the real economy, including optimizing the structural monetary policy tool system and increasing support for key areas such as technology innovation and small and micro enterprises [4]. - The overall trend for 2026 is expected to be "increased quantity and reduced price" in terms of structural tools, promoting financial resources towards high-quality development [4]. Risk Prevention and Management - The focus for 2026 will be on the prudent resolution of financial risks in key areas, including managing financing platform debts and enhancing risk identification in small financial institutions [7]. - The People's Bank of China aims to strengthen macro-prudential management and improve regulatory enforcement to ensure financial stability [7]. High-Level Opening Up - The meeting highlighted the importance of expanding high-level financial openness to enhance international competitiveness, including optimizing mechanisms for bond and currency exchanges and supporting the construction of international financial centers [8]. - The People's Bank of China is expected to maintain the stability of the RMB exchange rate while deepening financial reforms and coordinating global macro policies [8].