潘功胜：2026年继续实施好适度宽松的货币政策 继续维护好金融市场的平稳运行
Xin Hua She·2026-01-22 09:29

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately accommodative monetary policy in 2026, focusing on promoting stable economic growth and reasonable price recovery as key considerations for monetary policy [1]. Group 1: Monetary Policy Implementation - The PBOC plans to flexibly and efficiently use various monetary policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity, aligning the growth of social financing and money supply with economic growth and price level expectations [1]. - There is still room for further RRR cuts and interest rate reductions this year, with the PBOC emphasizing the execution and supervision of interest rate policies to keep the comprehensive financing costs low [1]. Group 2: Structural Policy Adjustments - The PBOC has introduced a series of monetary financial policies earlier this year, optimizing the policy elements of structural monetary policy tools [1]. - Interest rates for various structural monetary policy tools have been reduced by 0.25 percentage points, and a dedicated 1 trillion yuan re-loan for private enterprises has been established [1]. - The PBOC has increased the re-loan quota for supporting agriculture and small enterprises by 500 billion yuan to 4.35 trillion yuan and for technological innovation and transformation by 400 billion yuan to 1.2 trillion yuan [1]. - The support scope has been expanded to include carbon reduction support tools and re-loans for consumer services and elderly care [1]. Group 3: Financial Market Stability - The PBOC aims to maintain the stable operation of financial markets, manage expectations, and keep the RMB exchange rate stable at a reasonable and balanced level [2]. - There will be enhanced supervision and management of the bond market, foreign exchange market, money market, bill market, and gold market [2]. - The PBOC will continue to utilize two monetary policy tools to support the stable development of the capital market [2].