潘功胜：2026年中国人民银行将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

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][3]. Summary by Categories Overall Policy - 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, ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations [1][3]. - There is still room for further RRR and interest rate cuts this year, and the PBOC will enhance the execution and supervision of interest rate policies to keep the comprehensive financing costs low [1][3]. Structural Policy - The PBOC has already introduced a series of monetary financial policies at the beginning of the year, optimizing the policy elements of structural monetary policy tools [1][3]. - A reduction of 0.25 percentage points in the interest rates of various structural monetary policy tools has been implemented [2][4]. - Specific measures include the establishment of a 1 trillion yuan special re-loan for private enterprises and the merging of risk-sharing tools for technology innovation and private enterprise bonds [2][4]. - The re-loan quota for supporting agriculture and small enterprises has been increased by 500 billion yuan to 4.35 trillion yuan, and the quota for technology innovation and technological transformation re-loans has been raised by 400 billion yuan to 1.2 trillion yuan [2][4]. Market Stability - The PBOC aims to maintain stable financial market operations, manage expectations, and keep the RMB exchange rate stable at a reasonable and balanced level [2][4]. - There will be strengthened supervision of the bond market, foreign exchange market, money market, bill market, and gold market [2][4]. - Mechanisms will be established to provide liquidity to non-bank institutions under specific scenarios, and two monetary policy tools will continue to support the stable development of the capital market [2][4].