央行、外汇局最新会议！继续实施适度宽松的货币政策

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the continuation of a moderately accommodative monetary policy, enhancing counter-cyclical and cross-cyclical adjustments to support high-quality economic development and financial stability [2][4]. Group 1: PBOC's Key Work for 2026 - The PBOC will focus on seven key areas in 2026, including the effective use of various monetary policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions [2][4]. - The PBOC aims to maintain liquidity and ensure a relatively loose financing environment, guiding reasonable growth in total financial volume and balanced credit allocation [4]. - The central bank will work to stabilize the RMB exchange rate at a reasonable and balanced level while preventing excessive fluctuations [4]. Group 2: Enhancing Financial Services - The PBOC plans to improve the financial policy framework to support key areas such as domestic demand, technological innovation, and small and micro enterprises [5]. - There will be a focus on high-quality development of the bond market, particularly in the "technology board" sector, and increasing credit support for consumer services [5]. - The PBOC will enhance macro-prudential management and financial stability tools to mitigate risks in key financial sectors [5]. Group 3: Financial Reform and Opening Up - The PBOC will continue to optimize mechanisms like "Bond Connect" and "Swap Connect" to facilitate international financial cooperation [5]. - Support will be provided for the construction of Shanghai as an international financial center and the consolidation of Hong Kong's status [5]. - The PBOC encourages more eligible foreign entities to issue panda bonds, enhancing cross-border financial services [5]. Group 4: Foreign Exchange Management - The State Administration of Foreign Exchange (SAFE) emphasizes building a more convenient, open, secure, and intelligent foreign exchange management system [8]. - Key tasks for 2026 include deepening foreign exchange facilitation reforms and supporting the development of new trade formats like cross-border e-commerce [8]. - SAFE will implement policies for overseas lending and domestic foreign exchange loan management to ensure the safety and liquidity of foreign exchange reserves [10].