例如，2024年10月，中国人民银行会同有关部门创设了支持资本市场稳定发展的两项工具，即证券、基 金、保险公司互换便利和股票回购增持再贷款，首期额度分别为5000亿元和3000亿元。 1月5日至6日，2026年中国人民银行工作会议在北京召开。会议明确，建立在特定情景下向非银机构提 供流动性的机制性安排，发挥好两项支持资本市场的货币政策工具作用。 此前，中国人民银行行长潘功胜在金融街论坛年会上宣布，人民银行将综合平衡维护金融市场稳定运行 和防范金融市场道德风险，探索在特定情景下向非银机构提供流动性的机制安排，引发市场的广泛关 注。 对此，远东资信研究院副院长、首席宏观研究员张林告诉记者，传统的央行流动性投放工具主要面向商 业银行等一级交易商，非银机构作为资金链的末端，通过银行间市场拆借、回购等渠道间接获得流动 性。这种传导机制在市场正常运行时有效，但在压力情景下容易出现传导不畅，导致非银机构面临流动 性紧张。 张林指出，所谓"特定情景"，通常指市场出现系统性压力、正常流动性渠道受阻、单一机构或机构群体 面临流动性危机且可能引发系统性风险的情况，也包括为了稳定权益市场的超调，通过调节非银金融机 构的流动性实现市场 ...

Core Viewpoint - 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]. Group 1: Monetary Policy - The PBOC will continue to implement a moderately accommodative monetary policy in 2026, emphasizing the promotion of high-quality economic development and reasonable price recovery as core considerations [5]. - The monetary policy will utilize various tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity and ensure that social financing conditions remain relatively loose [5]. - Structural policies will be refined to provide targeted support to key areas, including expanding domestic demand, technological innovation, and small and micro enterprises [6]. Group 2: Exchange Rate Management - The RMB has shown a strong recovery, with the offshore RMB/USD exchange rate breaking 6.97 for the first time in two and a half years, indicating a potential for moderate appreciation in 2026 [8]. - The PBOC aims to maintain the RMB exchange rate at a reasonable and balanced level while preventing excessive fluctuations, with a focus on managing market expectations [9]. Group 3: Financial Risk Prevention - The PBOC has prioritized the prudent resolution of financial risks in key areas, including financing platform debts and small financial institutions, and has proposed mechanisms for providing liquidity support to non-bank financial institutions under specific scenarios [11]. - The exploration of liquidity support mechanisms for non-bank institutions is seen as a proactive response to potential systemic risks, given the growing scale of these institutions in the financial market [12].

央行明确2026年七大重点工作。 1月5日至6日，2026年中国人民银行工作会议召开，部署全年七大重点工作，围绕货币政策实施、金融 服务实体经济、风险防控、金融改革开放等核心领域，明确行动路径。 其中，在货币政策方面，会议强调，把促进经济高质量发展、物价合理回升作为货币政策的重要考量， 灵活高效运用降准降息等多种货币政策工具。 业内专家认为，适度宽松的货币政策将兼顾总量调节与结构优化，人民币汇率有望维持温和升值态势， 但考虑到潜在的不确定性，也不宜押注单边行情。 适度宽松的货币政策 2026年适度宽松的货币政策将有两个主要方向。首先是总量政策，其次是结构性政策。 央行会议明确，2026年继续实施适度宽松的货币政策，将促进经济高质量发展、物价合理回升作为核心 考量，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，保持社会融资条件相对宽松，引 导金融总量合理增长、信贷投放均衡，使社会融资规模、货币供应量增长同经济增长和价格总水平预期 目标相匹配。 这一取向与此前中央经济工作会议精神一脉相承。 王青认为，2026年央行将优化用好各类结构性货币政策工具，总体上是"加量降价"，即结构性货币政策 工具额度总体上会 ...

Group 1: Monetary Policy Direction - The People's Bank of China (PBOC) emphasizes promoting high-quality economic development and reasonable price recovery as key considerations for monetary policy in 2026, utilizing various tools such as reserve requirement ratio (RRR) cuts and interest rate reductions flexibly and efficiently [1][2] - The 2026 monetary policy will focus on both total and structural policies, maintaining ample liquidity and relatively loose social financing conditions to align the growth of social financing and money supply with economic growth and price level expectations [2][3] Group 2: Exchange Rate Management - The PBOC aims to maintain the stability of the RMB exchange rate at a reasonable and balanced level while preventing excessive fluctuations, with recent trends showing a strong recovery of the RMB against the USD [4][5] - Analysts predict that the RMB may experience moderate appreciation in 2026, supported by a favorable external environment, including the ongoing easing cycle of the Federal Reserve [4][6] Group 3: Financial Risk Prevention - The PBOC identifies the resolution of financial risks in key areas as a top priority for 2026, with measures to address risks related to financing platforms, small financial institutions, and financial markets [7] - A proposed mechanism for providing liquidity support to non-bank financial institutions in specific scenarios aims to enhance the financial stability framework, responding to potential systemic pressures [7][8]