Core Viewpoint - The report titled "Cold Clouds Cannot Hide the Morning Light, Spring Approaches with Thousands of Trees Competing for Glory" forecasts a moderately loose monetary policy for 2026, emphasizing the importance of maintaining a stable economic environment in China [1] Monetary Policy - The report suggests the continuation of a moderately loose monetary policy in 2026, with a focus on guiding exchange rate expectations and preventing excessive fluctuations in the currency [1] - It is recommended to allow the RMB to appreciate moderately by about 5% in 2026, moving from the current rate of 1:7.0 to a range of 1:6.6-6.7 [1] Exchange Rate Management - The report emphasizes the need for macro-prudential regulation of foreign exchange to ensure stable cross-border capital flows and to monitor and mitigate systemic financial risks [1] - It advises against using foreign exchange market interventions or window guidance to counteract appreciation driven by fundamentals, suggesting a greater reliance on market supply and demand to determine exchange rates [1]
广开首席产业研究院院长连平：推动人民币适度升值 支持产业结构调整和金融开放
Zhong Guo Jing Ying Bao·2026-01-21 06:58