中央经济工作会议最新信号

Core Viewpoint - The Central Economic Work Conference held on December 10-11 emphasizes a continuation of moderately loose monetary policy for 2026, indicating strong continuity and stability in macroeconomic policies [3][4]. Group 1: Monetary Policy - The conference highlighted the use of reserve requirement ratio (RRR) cuts and interest rate reductions as part of the monetary policy strategy for 2026 [3]. - There is a focus on improving the transmission mechanism of monetary policy to support key areas such as domestic demand, technological innovation, and small and micro enterprises [3][4]. - The People's Bank of China (PBOC) is expected to optimize structural monetary policy tools, increasing the overall quota while also lowering operational interest rates [3][5]. Group 2: Structural Monetary Policy Tools - The PBOC has been enriching the channels for basic currency issuance and innovating structural monetary policy tools to guide financial institutions in optimizing credit allocation [5]. - As of the end of Q3 2025, the balance of structural monetary policy tools accounted for approximately 13% of the basic currency, with a total balance of 3.9 trillion yuan supporting the "five major articles" of finance [5]. - The focus will be on addressing structural contradictions and enhancing the precision and effectiveness of policies by directing financial resources to key areas such as technological innovation and green development [4].