潘功胜：今年降准降息还有一定空间

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][6]. Group 1: Monetary Policy Implementation - The PBOC aims to utilize 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][6]. - There is still room for further RRR and interest rate cuts this year, with an emphasis on effective execution and supervision of interest rate policies to keep the overall financing costs low [1][7]. Group 2: Structural Monetary Policy Tools - The PBOC has optimized structural monetary policy tools, including a 0.25 percentage point reduction in the interest rates of various structural monetary policy tools and the establishment of a 1 trillion yuan special re-loan for private enterprises [7][12]. - The PBOC has increased the re-loan quota for agricultural 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 [7][12]. Group 3: Financial Market Stability - The PBOC will maintain the stability of the financial market, manage expectations, and keep the RMB exchange rate stable at a reasonable and balanced level [1][7]. - There will be enhanced supervision of various markets, including bond, foreign exchange, money, bill, and gold markets, along with mechanisms to provide liquidity to non-bank institutions under specific scenarios [1][7]. Group 4: Comprehensive Monetary Policy Framework - The PBOC plans to optimize the monetary policy target system, focusing less on quantitative targets and more on using financial totals as observational and reference indicators [8][9]. - A market-oriented interest rate formation and transmission mechanism will be improved to ensure effective transmission from central bank policy rates to market benchmark rates [8][9]. Group 5: Enhancing Financial Services - The PBOC will enhance financial support for key areas such as expanding domestic demand, technological innovation, and small and micro enterprises, with specific measures to meet diverse financial needs in the consumption sector [12][13]. - There will be an increase in the issuance of financial bonds by eligible financial institutions to improve funding capabilities in the consumption sector [12][13]. Group 6: Global Financial Governance - The PBOC will actively promote global financial governance reform and international financial cooperation, emphasizing multilateralism and the internationalization of the RMB [14][15]. - Efforts will be made to enhance the cross-border payment system for RMB and participate in international financial governance and cooperation [14][15].