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 Tools - The PBOC plans to flexibly utilize 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] - A 0.25 percentage point reduction in the interest rates of various structural monetary policy tools has been implemented [2] Support for Key Sectors - The PBOC has established a dedicated 1 trillion yuan relending facility for private enterprises and merged the establishment of a 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 expand the support areas of carbon reduction support tools and relending for consumer services and elderly care [2] Financial Market Stability - The PBOC emphasizes the importance of maintaining stable financial markets and managing expectations, ensuring the RMB exchange rate remains 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] Support for Domestic Demand and Innovation - Financial institutions are encouraged to support the expansion of domestic demand, technological innovation, and small and micro enterprises as part of a strategy to strengthen domestic circulation and promote high-quality development [2] - The PBOC will increase policy support and refine policy measures to enhance financial services for high-quality development of the real economy [3] Consumer and SME Support - A dedicated 500 billion yuan relending facility for consumer services and elderly care has been established to meet diverse financial needs in the consumption sector [3] - The PBOC will continue to enhance financing accessibility and convenience for small and micro enterprises, including increasing relending and rediscount quotas [3] Coordination with Other Departments - The PBOC will collaborate with various departments such as development and reform, commerce, industry and information technology, and science and technology to strengthen coordination and information sharing [4] - There will be an emphasis on improving internal incentive and constraint mechanisms within financial institutions to enhance the convenience, effectiveness, and coverage of financial services [4]