潘功胜：今年降准降息还有一定的空间

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 utilize 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 and improving the policy elements of structural monetary policy tools [1][3]. - Interest rates for various structural monetary policy tools have been reduced by 0.25 percentage points [2][4]. - A dedicated 1 trillion yuan (approximately 154 billion USD) re-loan for private enterprises has been established, along with a combined risk-sharing tool 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]. - The support scope has been expanded to include carbon reduction support tools and re-loans for consumer services and elderly care [2][4]. Market Stability - The PBOC aims to maintain stable operation of financial markets, manage expectations, and keep the RMB exchange rate stable at a reasonable and balanced level [2][4]. - There will be strengthened supervision and management of the bond market, foreign exchange market, money market, bill market, and gold market [2][4]. - A mechanism will be established to provide liquidity to non-bank institutions under specific scenarios [2][4]. - The PBOC will continue to utilize two monetary policy tools to support the stable development of the capital market [2][4].