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][7]. Monetary Policy Implementation - The monetary policy in 2025 was effective, with the People's Bank of China utilizing various tools such as lowering reserve requirements and interest rates to maintain liquidity and reduce financing costs [2][3]. - In 2026, the policy goal has shifted from "stable decline" in financing costs to "low-level operation," with a focus on stabilizing economic growth and reasonable price recovery [3]. - The use of monetary policy tools will be more flexible and efficient, adapting to internal and external changes while ensuring effectiveness and targeting [3][4]. Financial Services to the Real Economy - The meeting proposed specific measures to enhance financial services for high-quality economic development, including improving the financial policy framework and increasing support for key areas like technology innovation and small and micro enterprises [4][5]. - The focus will be on optimizing structural monetary policy tools to facilitate resource allocation towards innovation and green development, thereby promoting overall credit growth [4][5]. Risk Prevention and Management - The People's Bank of China aims to steadily resolve financial risks in key areas, including managing financing platform debts and enhancing risk identification in small financial institutions [7][8]. - Emphasis will be placed on macro-prudential management and regulatory enforcement to ensure financial stability while enhancing cooperation with other regulatory bodies [7][8]. 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 development of international financial centers [8]. - The People's Bank of China is expected to maintain the stability of the RMB exchange rate while balancing external constraints and internal equilibrium [8].