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][2][3]. Monetary Policy Implementation - The monetary policy in 2025 showed effectiveness through a combination of measures such as lowering reserve requirements and interest rates, maintaining liquidity, and guiding market expectations [2][3]. - In 2026, the policy goal has shifted to maintaining a "low-level operation" of social financing costs, with a focus on stabilizing economic growth and reasonable price recovery [3]. - The People's Bank of China will adopt a more flexible and efficient approach to using tools like reserve requirement cuts and interest rate reductions, considering the effectiveness and targeting of these policies [3]. Support for Real Economy - The meeting proposed specific measures to enhance financial services for the real economy, including improving the financial policy framework and optimizing support for key areas such as technology innovation and small and micro enterprises [4]. - The focus will be on increasing the availability of structural monetary policy tools, which are expected to lead to a "quantity increase and price decrease" trend, promoting financial resources towards high-quality development sectors [4]. Risk Prevention and Management - The People's Bank of China aims to steadily resolve financial risks in key areas while ensuring the stability of financial institutions, emphasizing macro-prudential management and regulatory enforcement [7]. - Measures will include supporting the resolution of financing platform debt risks and enhancing risk identification and early correction for small financial institutions [7]. Financial Reform and Opening Up - The meeting highlighted the importance of expanding high-level financial openness as a means to enhance international competitiveness, with initiatives to optimize mechanisms for bond and currency exchanges and support 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 coordinating financial reform and opening up with global macro policy [8].