中国人民银行行长潘功胜：继续维护好金融市场平稳运行 支持资本市场稳定发展

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy in 2026, focusing on promoting stable economic growth and reasonable price recovery as key considerations for monetary policy [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 social financing scale and money supply growth with economic growth and price level expectations [1] - There is still room for further RRR and interest rate cuts this year [1] - The PBOC has optimized and improved the policy elements of structural monetary policy tools at the beginning of the year [1] Structural Monetary Policy Tools - The PBOC has lowered the interest rates of various structural monetary policy tools by 0.25 percentage points [2] - A dedicated 1 trillion yuan relending facility for private enterprises has been established, along with a combined risk-sharing tool for technology innovation and private enterprise bonds [2] - The relending quota for agricultural and small enterprises has been increased by 500 billion yuan to 4.35 trillion yuan, and the quota for technology innovation and technological transformation relending has been increased by 400 billion yuan to 1.2 trillion yuan [2] - The PBOC aims to maintain stable financial markets and manage expectations, ensuring the RMB exchange rate remains stable at a reasonable level [2] Support for Key Areas - The PBOC will guide financial institutions to enhance support for expanding domestic demand, technological innovation, and small and micro enterprises, which are strategic measures for strengthening domestic circulation and promoting high-quality development [3] - Specific measures include a dedicated 500 billion yuan relending facility for service consumption and elderly care, promoting financial product innovation, and improving the consumer finance environment [3] - The PBOC has increased the relending quota for technology innovation and technological transformation, including support for high R&D investment private small and medium enterprises [3] Support for Small and Micro Enterprises - The PBOC aims to enhance the accessibility and convenience of financing for small and micro enterprises by increasing relending and rediscount quotas, and establishing a dedicated 1 trillion yuan relending facility for private enterprises [4] - Financial institutions will be encouraged to issue financial bonds for small and micro enterprises, and the credit enhancement system for private small and medium enterprises will be improved [4] - The PBOC will collaborate with various government departments to strengthen coordination and information sharing, enhancing the effectiveness and coverage of financial services [4]