央行部署明年工作

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the continuation of a moderately loose monetary policy to support key areas such as domestic demand, technological innovation, and small and medium-sized enterprises, while also managing financial risks and promoting high-level financial openness [3][8]. Group 1: Monetary Policy Framework - The PBOC aims to build a scientific and robust monetary policy system, focusing on dynamic assessment and enhancement of the monetary policy framework, and improving the execution and transmission of monetary policy [5][6]. - Experts suggest that the monetary policy should balance short-term and long-term goals, as well as internal and external factors, to enhance the adaptability and precision of financial support for structural adjustments and high-quality development [6][7]. Group 2: Monetary Policy Tools - The PBOC plans to utilize various monetary policy tools, including reserve requirement ratio (RRR) cuts and interest rate reductions, to maintain ample liquidity and support the real economy [8]. - The central bank will also employ a range of liquidity injection tools, such as reverse repos and medium-term lending facilities (MLF), to ensure a moderately loose liquidity environment [8]. Group 3: Financial Risk Management - The PBOC identifies the prevention and resolution of financial risks in key areas, particularly in real estate, financing platform debts, and risks associated with small financial institutions, as critical tasks moving forward [10][11]. - The focus on risk resolution has shifted, with an emphasis on market-oriented and legal principles to address the debts of financing platforms and manage risks in small financial institutions [11].