央行：降准降息还有一定空间

Core Viewpoint - The People's Bank of China (PBOC) indicates that there is still room for further reductions in reserve requirement ratios and interest rates to support high-quality economic development in 2026 [2]. Group 1: Monetary Policy Adjustments - The average reserve requirement ratio for financial institutions is currently 6.3%, suggesting potential for further cuts [2]. - The PBOC aims to maintain relatively loose social financing conditions and guide reasonable growth in financial totals, utilizing various monetary policy tools including rate cuts [3]. - The PBOC plans to flexibly conduct operations related to government bonds to create a suitable monetary environment for smooth issuance [4]. Group 2: Government Bond Market - In 2025, the issuance of government bonds reached 16 trillion yuan, with a net increase of 6.6 trillion yuan, resulting in a year-end balance of approximately 40 trillion yuan [4]. - Banks and non-bank financial institutions are the main holders of government bonds, with holdings of 27 trillion yuan and 5 trillion yuan respectively [4]. - The PBOC's operations, including nearly 7 trillion yuan in buyback operations for government bonds, have significantly improved market liquidity [4].