Group 1: Macroeconomic Policy Overview - The macroeconomic policy is crucial for maintaining stable economic operations and advancing high-quality development in China [1] - In 2025, China will implement a more proactive fiscal policy and a moderately loose monetary policy for the first time in 14 years, which will significantly support economic recovery [1] - The 2026 macroeconomic policy will focus on stability and progress, enhancing quality and efficiency while integrating existing and new policies [1] Group 2: Fiscal Policy - The fiscal policy in 2025 will increase the deficit ratio, issue larger government bonds, and enhance transfer payments to local governments to support growth and risk prevention [2] - There is a need to address local fiscal difficulties by establishing mechanisms for increasing revenue and reducing expenditure, ensuring the sustainability of fiscal policies [2] - The national public budget expenditure is projected to reach 29.7 trillion yuan in 2025, with 10.3 trillion yuan allocated for transfers to local governments [3] Group 3: Monetary Policy - The monetary policy in 2025 will include timely reductions in reserve requirements and interest rates, providing a favorable financial environment for economic recovery [4] - The emphasis will be on maintaining liquidity and promoting low financing costs while addressing structural economic issues through targeted monetary tools [4] - A diverse toolbox of monetary policy instruments will be utilized to balance short-term and long-term goals, supporting the real economy while ensuring financial system health [4] Group 4: Policy Coordination and Effectiveness - The effectiveness of macroeconomic policies relies on precise implementation and coordination between fiscal and monetary policies, as well as between various reform measures [5][6] - There is a need to enhance the consistency and effectiveness of macroeconomic policies to avoid conflicts and ensure that policies work synergistically [5][6] - Strengthening the management of expectations and improving communication about economic policies will be essential for boosting social confidence [6]

本报北京1月8日电（记者徐佩玉）2026年中国人民银行工作会议近日召开，部署了2026年重点工作。会 议强调，中国人民银行要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度，提升金融服务 实体经济高质量发展质效，增强宏观政策前瞻性针对性协同性，为经济稳定增长、高质量发展和金融市 场稳定运行营造良好的货币金融环境，为实现"十五五"良好开局提供有力的金融支撑。 提升金融服务实体经济高质量发展质效。进一步完善金融"五篇大文章"政策框架，实施好考核评价制 度，加强金融服务效果评估，提升金融服务专业化精细化水平。完善结构性货币政策工具体系，优化工 具设计和管理，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持。高质量建设和发展债 券市场"科技板"。用好服务消费与养老再贷款，推动加大服务消费领域信贷投放。优化支农支小再贷 款、再贴现管理，提升金融机构中小微企业金融服务能力。加强重点供应链融资信息服务平台监管。 稳妥化解重点领域金融风险。继续做好金融支持融资平台债务风险化解工作，稳妥有序推进融资平台退 出。推进重点地区和重点机构风险处置，强化中小金融机构风险识别和早期纠正。充分发挥中央银行宏 观审慎管理和维护 ...

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].

Group 1 - The People's Bank of China (PBOC) announced a 1.1 trillion yuan reverse repurchase operation with a term of 3 months, aimed at maintaining market liquidity and ensuring stable financial operations at the year's end [1][6] - The reverse repurchase operation is expected to achieve net liquidity injection, counteracting the 1.1 trillion yuan of 3-month reverse repos maturing this month [1][3] - The PBOC's use of the reverse repurchase tool is part of a broader strategy to manage liquidity effectively, especially during critical periods such as year-end and cross-quarter transitions [2][6] Group 2 - The PBOC has been utilizing the reverse repurchase and Medium-term Lending Facility (MLF) since 2025 to provide medium to long-term liquidity [2][6] - The current financial market is relatively liquid, which is why the PBOC did not increase the amount in the latest reverse repurchase operation, indicating that liquidity support remains robust [3][7] - Analysts expect that the PBOC will conduct additional operations, including a 6-month reverse repurchase and MLF operations, to further support liquidity in the market [3][7] Group 3 - The PBOC's 2026 work meeting emphasized the continuation of a moderately loose monetary policy, focusing on enhancing macro policy effectiveness and supporting high-quality economic development [4][9] - The central bank aims to maintain a stable liquidity environment to support economic growth and financial market stability, leveraging a comprehensive set of liquidity management tools [4][9] - The PBOC plans to use various monetary policy tools flexibly to ensure that the growth of social financing and money supply aligns with economic growth and price stability targets [5][9]

Group 1 - The People's Bank of China (PBOC) has outlined seven key priorities for 2026, focusing on monetary policy implementation, financial services for the real economy, risk prevention, and financial reform and opening-up [3] - The monetary policy for 2026 will be moderately accommodative, aiming to promote high-quality economic development and reasonable price recovery, utilizing various tools such as reserve requirement ratio (RRR) cuts and interest rate reductions [4][5] - The PBOC aims to maintain a stable RMB exchange rate at a reasonable and balanced level while preventing excessive fluctuations, with a supportive external environment expected for the RMB's moderate appreciation in 2026 [6][7] Group 2 - The PBOC's accommodative monetary policy will have two main directions: total policy and structural policy, ensuring liquidity remains ample and financing conditions are relatively loose [4] - Structural policies will focus on targeted support for key areas such as expanding domestic demand, technological innovation, and small and micro enterprises, with an increase in the overall quota of structural monetary policy tools [5] - The PBOC is exploring mechanisms to provide liquidity support to non-bank financial institutions in specific scenarios to mitigate financial risks, reflecting a proactive approach to financial stability [8][9][10]

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately accommodative monetary policy in 2026, focusing on enhancing both incremental and stock policies to support economic recovery and stabilize prices [1][2]. Monetary Policy - The meeting emphasized the importance of promoting high-quality economic development and reasonable price recovery as key considerations for monetary policy, utilizing various tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity [2][3]. - The PBOC aims to ensure that social financing conditions remain relatively loose, guiding reasonable growth in total financing and balanced credit allocation, aligning the growth of social financing and money supply with economic growth and price level expectations [2][3]. Financial Resource Allocation - The meeting highlighted the need to optimize the financial policy framework to focus resources on key areas, particularly through structural tools and market innovations, with a notable emphasis on the development of the "technology board" in the bond market [4]. - In 2025, over 700 entities issued technology innovation bonds through this platform, with a total scale exceeding 1.5 trillion yuan, addressing financing challenges for technology enterprises [4]. Structural Monetary Policy Tools - The PBOC will continue to enhance the "precision drip irrigation" effect of structural monetary policy tools, optimizing tool design and management to increase credit support for consumption and small and micro enterprises [4][6]. - It is anticipated that structural tools will see an "increase in quantity and decrease in price" trend in 2026, with steady increases in quotas and reductions in operational interest rates, aiding in the transition of old and new growth drivers [4]. Supply Chain Financing - The meeting underscored the importance of strengthening regulatory oversight of key supply chain financing information service platforms to ensure smooth funding flows while preventing risks associated with false trade [6]. - The financial work in 2026 is expected to support multiple missions, including stabilizing growth, adjusting structures, preventing risks, and promoting openness, reflecting a commitment to high-quality financial development [6].

行业 国债日报 日期 2026 年 1 月 8 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | 表1：国债期货1月7日交易数据汇总 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | TL2603 | 110.960 | 110.620 | 110.470 | 110.590 | -0.490 | -0.44 | ...

2025年，适度宽松的货币政策为经济回升向好和金融市场稳定运行营造了适宜的货币金融环境。中央经 济工作会议明确2026年要继续实施适度宽松的货币政策，人民银行将全面贯彻落实会议精神，加大逆周 期和跨周期调节力度，促进经济稳定增长和物价合理回升。一是总量方面，灵活高效运用降准降息等多 种货币政策工具，保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目 标相匹配。2025年社会融资规模中，债券等贷款以外的融资方式占比已超过50%，预计2026年增速仍将 超过全部社会融资规模增速。二是价格方面，健全市场化的利率形成、调控和传导机制，理顺政策利率 向各类市场利率的传导关系，进一步做好明示贷款综合融资成本工作，推动规范融资中间费用，促进社 会综合融资成本低位运行。综合施策、稳定预期，保持人民币汇率在合理均衡水平上的基本稳定。三是 结构方面，发挥好结构性货币政策工具的激励引导作用，优化工具管理，继续做好金融"五篇大文章"， 加力支持扩大内需重点领域。四是传导方面，做好政策沟通和预期引导，加强货币政策和财政、产业等 政策在需求管理、结构调整方面的协调配合，进一步畅通传导机制。 1月5日至6日，中国人 ...

Group 1 - The People's Bank of China (PBOC) announced a fixed amount of 1.1 trillion yuan reverse repos to maintain liquidity in the banking system, with a term of 3 months (90 days) [1] - This operation is a continuation of the PBOC's strategy, marking the third consecutive month of equal rollover for the 3-month reverse repos, with 1.1 trillion yuan maturing this month [1] - In addition to the 3-month reverse repos, there will be 600 billion yuan of 6-month reverse repos and 200 billion yuan of Medium-term Lending Facility (MLF) maturing this month [1] Group 2 - The PBOC emphasized the implementation of a moderately loose monetary policy for 2026, aiming to keep liquidity ample [2] - According to a report from CITIC Securities, the PBOC is expected to utilize various policy tools, including government bond transactions, MLF, reverse repos, and possibly reserve requirement ratio cuts, to maintain liquidity [2] - The overall expectation for January is that the funding environment will remain relatively loose [2]

来源：中国新闻网 上述信息显示，谢光启已出任央行货币政策司司长。 1月6日晚间，中国央行下属《金融时报》发表《央行明确今年七大重点工作，解读来了》一文，其中谢 光启以中国人民银行货币政策司司长的身份接受了记者采访。 另据@央视网财经消息，2026年中国人民银行工作会议1月5日-6日召开。中国人民银行货币政策司司长 谢光启表示，2026年将继续实施好适度宽松的货币政策。加强货币政策和财政、产业等政策在需求管 理、结构调整方面的协调配合。 ...