央行明确今年七大重点工作！信号很大

Core Viewpoint - The People's Bank of China (PBOC) has outlined seven key tasks for 2026, focusing on strict governance, a moderately loose monetary policy, enhancing financial services for high-quality economic development, managing financial risks, deepening financial reforms and opening up, promoting global financial governance reform, and improving financial management and service capabilities [1]. Group 1: Monetary Policy - The PBOC emphasizes the importance of promoting high-quality economic development and reasonable price recovery as key considerations for monetary policy, utilizing various tools like reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity and guide reasonable growth in social financing and credit [4]. - The monetary policy framework is shifting towards a price-oriented approach, with future adjustments aimed at enhancing the effectiveness of monetary policy transmission through better coordination among various interest rates [5][6]. - The PBOC is expanding the coverage of explicit corporate loan comprehensive financing costs, benefiting many small and medium-sized enterprises through a pilot program that clarifies all costs associated with loans [6][7]. Group 2: Exchange Rate Management - The PBOC aims to maintain the stability of the RMB exchange rate at a reasonable and balanced level, with recent trends showing the RMB strengthening against the USD, indicating a need for careful monitoring to prevent excessive fluctuations [7][8]. - Experts suggest that the focus should be on structural adjustments and expanding domestic demand to enhance the certainty of the domestic economic cycle, which is essential for achieving long-term stability of the RMB exchange rate [8].