金融大家评 | 2026年央行工作怎么干？

Core Viewpoint - The People's Bank of China (PBOC) is set to continue implementing a moderately accommodative monetary policy in 2026, focusing on counter-cyclical and cross-cyclical adjustments to promote stable economic growth and reasonable price recovery [3]. Group 1: Monetary Policy - The PBOC will utilize various monetary policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity, aligning the growth of social financing and money supply with economic growth and price level expectations [3]. - In 2025, over 50% of the social financing scale was from non-loan financing methods, and this trend is expected to continue in 2026, with growth rates surpassing the overall social financing growth [3]. - The PBOC aims to improve the market-oriented interest rate formation and transmission mechanism, ensuring that policy interest rates effectively influence various market rates, thereby stabilizing the comprehensive financing costs for society [3][4]. Group 2: Financial Market Development - The PBOC has introduced a "Technology Board" in the bond market to enhance financial support for technological innovation, with a cumulative issuance of 1.8 trillion yuan in technology innovation bonds by the end of 2025 [5]. - The "Technology Board" is designed to meet the financing needs of technology enterprises throughout their lifecycle, supporting both mature and early-stage companies through differentiated institutional arrangements [5]. - The PBOC will continue to develop the "Technology Board" to foster a financial market ecosystem that supports high-level self-reliance and strength in technology [5]. Group 3: Regional Financial Initiatives - The PBOC's Fujian branch will deepen the high-level opening of cross-border trade and investment, focusing on expanding domestic demand, boosting consumption, and activating effective investment [6][8]. - The Fujian branch will also emphasize financial support for key areas such as technological innovation, private economy, green transformation, and urban-rural integration [7]. - The Guangdong branch will enhance financial services for the real economy, particularly in supporting domestic demand, technological innovation, and small and medium-sized enterprises [9][10].