潘功胜：央行还将做好利率政策执行和监督，建立在特定情景下向非银机构提供流动性的机制性安排｜快讯

Core Viewpoint - The People's Bank of China (PBOC) will implement a moderately loose monetary policy in 2026, focusing on stabilizing economic growth and ensuring reasonable price recovery as key considerations for monetary policy [1] Monetary Policy Direction - The PBOC aims to maintain ample liquidity and align the growth of social financing and money supply with economic growth and price level expectations, indicating room for further cuts in reserve requirement ratios (RRR) and interest rates this year [1] - The PBOC will enhance the execution and supervision of interest rate policies to keep the comprehensive financing costs low [1] Structural Policy Focus - The PBOC will optimize the design and management of structural monetary policy tools, guiding financial institutions to increase support for major strategies, key areas, and weak links [1] - Recent monetary policies have been released to optimize the elements of structural monetary policy tools [1] Financial Market Stability - The PBOC emphasizes maintaining stable financial markets, managing expectations, and ensuring the RMB exchange rate remains stable at a reasonable level [2] - There will be a focus on strengthening supervision across various markets, including bonds, foreign exchange, and gold [2] Monetary Policy Framework - The PBOC plans to optimize the monetary policy target system, reducing emphasis on quantitative targets and allowing for more effective interest rate adjustments [3] - A market-oriented interest rate formation and transmission mechanism will be established to improve the flow from central bank policy rates to market rates [3] Macro-Prudential Management - The PBOC will enhance monitoring and assessment of systemic financial risks, recognizing the strong correlation between economic operations and financial risks [4] - The scope of macro-prudential management will be expanded to include financial markets, non-bank financial institutions, and internet finance [4] Tool Development and Legal Framework - The PBOC will enrich and standardize macro-prudential management tools, ensuring a comprehensive management process [5] - Legislative efforts will be made to strengthen the legal framework for macro-prudential policies and enhance coordination with monetary and micro-prudential regulations [5]