央行行长潘功胜：今年降准降息还有一定的空间

Core Viewpoint - The People's Bank of China (PBOC) is set to implement a moderately accommodative monetary policy in 2026, focusing on maintaining liquidity and aligning social financing and money supply growth with economic growth and price level expectations [4][10]. Monetary Policy Implementation - The PBOC will utilize various monetary policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to ensure ample liquidity [4][10]. - There is still room for further RRR cuts and interest rate reductions this year [4][10]. Financial Sector Focus - Financial institutions will be guided to support key areas such as domestic demand expansion, technological innovation, and small and micro enterprises [5][12]. - A total of 500 billion yuan will be allocated for consumption and pension-related re-loans, while the quota for technological innovation and transformation re-loans will be increased to 1.2 trillion yuan [5][15]. Support for Small and Micro Enterprises - The PBOC aims to enhance the accessibility and convenience of financing for small and micro enterprises by increasing the re-loan and rediscount quotas by 500 billion yuan, bringing the total to 4.35 trillion yuan [6][14]. - A dedicated 1 trillion yuan re-loan will be established to specifically support private small and micro enterprises [6][14]. Cross-Border Payment System - The PBOC is committed to developing a multi-channel, comprehensive, secure, and efficient cross-border payment system for the renminbi [8][17]. - There will be an emphasis on international cooperation in cross-border payments and active participation in international financial governance [8][17].