Group 1 - The new regulations on cash payments in China, effective from February 1, 2026, aim to uphold the status of the Renminbi as legal tender and protect the public's rights to use cash [2] - The regulations require that cash payments must be supported in various scenarios, including face-to-face services and online appointments, ensuring reasonable availability of change [2] - Businesses using self-service models or digital payment systems must clearly indicate payment methods and ensure that cash payments are not discriminated against [2] Group 2 - Banks are required to facilitate cash deposit and withdrawal services, ensuring compliance in cash handling and supporting cash collection when acting as payment agents [3] - In cases of cash payment refusal or discrimination, individuals are encouraged to negotiate with the relevant parties and retain evidence for complaints through consumer protection channels [3]

Group 1 - The 2026 commemorative coins and banknotes will start online reservations on January 13 at 22:00 and 22:30 respectively [1] - The commemorative coin has a face value of 10 yuan, a diameter of 27 mm, and is made of bimetallic copper alloy with a total issuance of 100 million pieces, including 10,000 for historical records [1] - The design of the commemorative coin features traditional Chinese paper-cut art combined with decorative elements, showcasing a horse image [1] Group 2 - The commemorative banknote has a face value of 20 yuan, dimensions of 145 mm by 70 mm, and is made of plastic with a total issuance of 100 million pieces, including 20,000 for historical records [3] - The front of the banknote features a horse design along with the national emblem and various security features, while the back showcases children celebrating with drums and Mongolian decorative patterns [3]

Core Viewpoint - The People's Bank of China (PBOC) has outlined key priorities for 2026, focusing on strict governance, monetary policy, financial services, reform, risk management, and enhancing financial capabilities [2][3]. Group 1: Governance and Policy - The PBOC emphasizes the importance of strict party governance, prioritizing the study and implementation of Xi Jinping's important speeches and directives as a political task [2]. - Continuous efforts will be made to strengthen grassroots party building and enhance the construction of the cadre team, with a firm stance against corruption [2]. Group 2: Monetary Policy - The PBOC aims to implement a moderately loose monetary policy, guiding financial institutions to achieve reasonable loan growth and maintain low social financing costs [2]. - Policies supporting agriculture and small enterprises will be effectively utilized, alongside innovative tools for financial management [2]. Group 3: Financial Services - The establishment of a comprehensive financial service system covering the entire lifecycle of technology enterprises is a priority [2]. - The PBOC will promote the efficient implementation of green finance standards and enhance financial services for small and micro enterprises, as well as support rural revitalization [2]. Group 4: Financial Reform and Opening Up - The PBOC will collaborate with the central bank to advance offshore financial development in Shanghai and expand pilot reforms in the Lingang New Area [2]. - Efforts will be made to promote the internationalization of the Renminbi and implement foreign exchange management reform pilot policies [2]. Group 5: Risk Management - The PBOC is focused on improving mechanisms for preventing and resolving systemic financial risks and enhancing the macro-prudential management framework [3]. - Continuous actions will be taken to combat illegal activities in the foreign exchange sector [3]. Group 6: Financial Management and Services Enhancement - The PBOC will work on improving payment convenience and steadily develop digital currency [3]. - Optimization of tax refund services for outbound travelers and cash circulation environments will be prioritized [3].

责任编辑：王馨茹 责任编辑：王馨茹 1月13日金融一线消息，2026年1月13日中国人民银行以固定利率、数量招标方式开展了3586亿元7天期 逆回购操作。 1月13日金融一线消息，2026年1月13日中国人民银行以固定利率、数量招标方式开展了3586亿元7天期 逆回购操作。 ...

在总结10年研发试点经验基础上，中国人民银行于近期出台了《关于进一步加强数字人民币管理服 务体系和相关金融基础设施建设的行动方案》，提出了新一代数字人民币计量框架、管理体系、运行机 制和生态体系。此举是数字人民币试点以来的重大调整，具有里程碑式的意义。 更重要的是，数字人民币从人民银行的负债，明确转变为商业银行的负债。数字人民币开始具有价 值尺度、价值储藏和跨境支付三大核心职能，由电子支付进入数字支付时代，具备全场景型货币能力。 这将有助于激活商业银行参与数字人民币生态建设的内生动力，扭转此前商业银行"只投入无收益"的尴 尬局面。银行未来还有望围绕计息数字钱包开发更多存款、理财及信贷产品，进一步打造"支付+金 融"的综合生态。这种相容性激励安排，让用户、银行、非银支付机构等各方都能从数字人民币生态中 获益，将推动数字人民币与现有支付体系深度融合。这对打造一个持续健康发展的数字人民币生态来 说，尤为重要。 接下来，在此次重大调整的基础上，数字人民币仍需不断完善自身建设，进一步完善数字人民币监 管框架，明确法定地位。同时，进一步扩大数字人民币试点范围，充分调动各参与方积极性，通过和各 类促消费活动联动等方式，进一 ...

Core Viewpoint - The People's Bank of China, along with other regulatory bodies, has established new regulations for cash transactions to uphold the status of the Renminbi as legal tender and to prevent the refusal of cash payments, effective from February 1, 2026 [3][4]. Group 1: Regulations on Cash Transactions - The new regulations require that entities providing face-to-face services must support cash payments and maintain reasonable change availability [3]. - For self-service models and locations with unified management, operators must clearly indicate payment methods and provide contact information for cash services [3]. - Entities conducting all transactions online must publicly disclose payment methods in advance, respecting the public's right to know and choose [3]. Group 2: Requirements for Financial Institutions - Banks must comply with cash management laws and improve cash service quality to meet public and business needs [5]. - Financial institutions are required to facilitate cash deposit and withdrawal services at their physical locations [5]. - Banks must ensure that the number and layout of cash service points meet the diverse needs of different customer groups [5]. Group 3: Handling Cash Payment Issues - In cases of cash payment difficulties, parties should negotiate amicably with the service provider and retain evidence for complaints if cash is refused or discriminated against [5]. - Complaints can be made through various channels, and the People's Bank of China will coordinate with relevant departments to address these issues promptly [5].

1月12日央行开展861亿元7天期逆回购操作 中新网1月12日电 据央行网站消息，2026年1月12日中国人民银行以固定利率、数量招标方式开展了861亿元7天 期逆回购操作。具体情况如下： | 期限 | 操作利率 | 逆回购操作情况 投标量 | 中标量 | | --- | --- | --- | --- | | 7天 | 1.40% | 861亿元 | 861亿元 | 截图来自央行网站 来源：中国新闻网 编辑：郭晋嘉 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...

经济学 | 中央银⾏ 特朗普推动美联储改⾰，全球利率路径出现分歧 由于唐纳德·特朗普⼊主⽩宫第⼆年所造成的经济迷雾，各国央⾏正在摸索前 进，全球利率将出现⼀段时间的分化。 彭博经济研究指出，疫情后紧缩和放松的周期正在让位于发达经济体之间同 步性较低的阶段。 G10货币汇率路径正在分化 其预测预计，在未来⼀年左右的时间⾥，全球交易量最⼤的货币的利率⾛势 将呈现⼀系列变化，因为不确定性和波动性（通常来⾃华盛顿）正在考验各 国央⾏⾏⻓的神经。 美联储将⽐以往任何时候都更加引⼈注⽬。其决策者将仔细权衡来⾃美国经 济的各种复杂信号，同时还要⾯对⼀位公开呼吁降息的强硬总统挑选的新任 主席的局⾯。 US Euro area Japan UK Canada Switzerland Australia Sweden New Zealand Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2025 2026 2027 -1 - 100 basis poin Change vs end of 20 资料来源：彭博经济研究预测 彭博新闻社报道 2026年1⽉12⽇上午8:00（GMT+8） 节省 翻译 BE预测美联储在2 ...

1月12日金融一线消息，2026年1月12日中国人民银行以固定利率、数量招标方式开展了861亿元7天期逆 回购操作。 责任编辑：王馨茹 1月12日金融一线消息，2026年1月12日中国人民银行以固定利率、数量招标方式开展了861亿元7天期逆 回购操作。 责任编辑：王馨茹 ...

Core Viewpoint - The People's Bank of China (PBOC) is advancing high-level financial openness and enhancing the interconnectivity of financial markets, with a focus on supporting foreign financial institutions and optimizing cross-border use of the Renminbi (RMB) [2][5][6]. Group 1: Financial Market Openness - The PBOC is implementing multiple measures to promote financial openness, including eight initiatives announced by Governor Pan Gongsheng, covering areas such as financial infrastructure and cross-border investment [2]. - By 2025, the PBOC aims to enhance the mechanisms of Bond Connect and Swap Connect, facilitating more foreign investors' participation in China's financial markets [3][4]. Group 2: Cross-Border Payment Systems - The launch of the cross-border payment system between the mainland and Hong Kong in June 2025 has significantly improved the efficiency of cross-border transactions, processing over 700,000 remittances by July 2025 [4]. - The PBOC has allowed foreign institutions to use bonds from Bond Connect as collateral for Swap Connect, extending the duration of interest rate swap contracts to 30 years [4]. Group 3: Renminbi Internationalization - The RMB has become the largest currency for cross-border payments in China and ranks among the top three global payment currencies, with a significant increase in cross-border RMB transactions [5][6]. - As of June 2025, the PBOC has signed bilateral currency swap agreements with 32 countries, with the total value of these agreements exceeding 4.5 trillion yuan [6]. Group 4: Cross-Border QR Code Payment - A unified gateway for cross-border QR code payments was launched in July 2025, facilitating over 1.98 million transactions worth 427 million yuan by September 2025 [7]. - This initiative is expected to accelerate the process of cross-border payment interconnectivity and enhance the use of RMB in international trade [7].