2026.01. 06 本文字数：2468，阅读时长大约4分钟 作者 | 第一财经 杜川 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。 东方金诚首席宏观分析师王 ...

1月5日至6日，中国人民银行召开2026年中国人民银行工作会议，总结2025年工作，分析当前形势，研 究央行"十五五"改革发展规划，部署2026年工作。 央行党委书记、行长潘功胜出席会议并讲话。会议强调，央行要继续实施适度宽松的货币政策，发挥增 量政策和存量政策集成效应，加大逆周期和跨周期调节力度。 根据会议部署，2026年央行将重点抓好七项工作，其中包括灵活高效运用降准降息等多种货币政策工 具；防范汇率超调风险；继续优化"债券通""互换通"机制安排；欢迎更多符合条件的境外主体发行熊猫 债等。 与此同时，国家外汇管理局1月5日至6日召开2026年全国外汇管理工作会议。外汇局党组书记、局长朱 鹤新作工作报告。会议部署了2026年外汇管理重点工作，其中包括优化贸易外汇业务管理，有序扩大跨 境贸易高水平开放试点；出台境外放款、国内外汇贷款资金管理等政策；保障外汇储备资产安全、流动 和保值增值等。 加大逆周期和跨周期调节力度 2026年中国人民银行工作会议强调，央行要继续实施适度宽松的货币政策，发挥增量政策和存量政策集 成效应，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，深化金融改革和更高 水平对 ...

1月5日至6日，中国人民银行召开2026年中国人民银行工作会议，总结2025年工作，分析当前形势，研究央行"十五五"改革发展 规划，部署2026年工作。 央行党委书记、行长潘功胜出席会议并讲话。会议强调，央行要继续实施适度宽松的货币政策，发挥增量政策和存量政策集成效应，加大逆 周期和跨周期调节力度。 根据会议部署，2026年央行将重点抓好七项工作，其中包括灵活高效运用降准降息等多种货币政策工具；防范汇率超调风险；继续优化"债 券通""互换通"机制安排；欢迎更多符合条件的境外主体发行熊猫债等。 根据会议部署，2026年央行将重点抓好七项工作：持之以恒推进全面从严治党、继续实施好适度宽松的货币政策、提升金融服务实体经济 高质量发展质效、稳妥化解重点领域金融风险、持续深化金融改革和对外开放、积极推动全球金融治理改革、进一步提升金融管理和服务能 力。 在继续实施好适度宽松的货币政策上，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，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。畅通货币政策传导机制，促进社会综合 融资成本低位运行。有序 ...

货币政策工具也不只是降准降息，近年来货币政策工具特别是流动性投放工具更加多样，期限分布更趋合理。 长期有降准、国债买卖工具，中期有中期借贷便利（MLF）、买断式逆回购操作等工具，短期有公开市场7天 期逆回购、临时隔夜正、逆回购等工具。鉴于新的一年国债、地方政府专项债券等政府债券将保持较大发行规 模，央行有必要通过多种流动性投放工具营造适宜的流动性环境，引导金融机构加大对重点领域、薄弱环节的 支持力度。 编者按： 日前召开的中央经济工作会议，明确了明年经济工作的总体要求和政策取向，部署了明年经济工 作"八个坚持"的重点任务，抓住关键、纲举目张。为深入学习贯彻会议精神，本报即日起推出"落实 会议部署 问答中国经济"系列述评，围绕发展目标设定、赤字规模安排、推动投资企稳等10个方面 热点问题展开讨论，敬请关注。 "把促进经济稳定增长、物价合理回升作为货币政策的重要考量"是今年中央经济工作会议的新提法。在上述总 体目标下，明年如何灵活高效地运用多种货币政策工具备受外界关注。 "十五五"开局之年，适度宽松的货币政策要努力推动实现经济增长、物价回升，这首先要求明年金融总量保持 合理增长，充分满足实体经济融资需求。社会融资 ...

Core Viewpoint - The central economic work meeting emphasizes a positive outlook for China's economy, projecting a growth rate of around 5% for 2025, with the total economic output expected to reach approximately 140 trillion yuan [1] Group 1: Macroeconomic Policies - China will continue to implement more proactive fiscal and monetary policies in 2026, maintaining necessary fiscal deficits and debt levels while optimizing fiscal expenditure structures [2] - The total government bond issuance for 2025 is projected to be 11.86 trillion yuan, with a deficit rate expected to rise to around 4% [2][3] - Monetary policy will focus on maintaining liquidity and supporting economic growth, with tools such as interest rate cuts and reserve requirement ratio adjustments being utilized flexibly [3][4] Group 2: Income and Employment - A series of measures to promote income growth and stabilize employment are expected in 2026, including the implementation of a plan to increase urban and rural residents' income [5][6] - The government aims to enhance the basic pension for residents and improve consumption capacity, with a focus on ensuring that income growth aligns with economic growth [6][8] Group 3: Consumption and Investment - Expanding domestic demand is a top priority for 2026, with a shift from goods consumption to a balanced focus on both goods and service consumption [9] - Investment is expected to stabilize, with a focus on infrastructure and social welfare projects, while also encouraging private investment in high-tech and service sectors [10][11][12] - The government plans to enhance investment in areas such as urban renewal, healthcare, and childcare, while also leveraging government funds to stimulate private sector investment [11][12]

Group 1 - The central economic work conference emphasized the policy direction of "seeking progress while maintaining stability" and "improving quality and efficiency" for the upcoming year, indicating a higher demand for development quality and effectiveness alongside reasonable economic growth [2][3] - The conference highlighted the need for fiscal, monetary, and industrial policies to work in coordination, combining traditional and innovative tools to promote high-quality economic growth [2][3] Group 2 - The conference proposed to continue implementing a moderately loose monetary policy, with a focus on stabilizing economic growth and ensuring reasonable price recovery, while also flexibly utilizing various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions [3][4] - Experts predict that in 2026, deposit rates and policy rates will further decline, with the Loan Prime Rate (LPR) expected to stabilize or decrease slightly, emphasizing the role of structural monetary policy tools to direct financial resources towards technology innovation, green development, and boosting consumption [3][4] - The conference stressed the importance of policy coordination, integrating both stock and incremental policies to enhance the consistency and effectiveness of macroeconomic policies, with a focus on counter-cyclical and cross-cyclical adjustments [4]

Group 1 - The People's Bank of China (PBOC) has implemented a series of monetary policy measures in the first half of the year, including interest rate cuts and structural adjustments to support economic recovery [1][2] - The report indicates that the PBOC aims to maintain a moderately loose monetary policy, ensuring liquidity is abundant and aligning the growth of social financing and money supply with economic growth targets [1][2] - As of June, key financial indicators such as social financing scale and broad money supply have shown stable growth, with GDP increasing by 5.3% year-on-year, indicating a positive economic trend [2][3] Group 2 - The PBOC has cumulatively reduced the reserve requirement ratio (RRR) 12 times and policy interest rates 9 times since 2020, leading to significant declines in the Loan Prime Rate (LPR) [2] - The report highlights a shift in loan distribution, with a growing proportion directed towards technology, green finance, and small and micro enterprises, reflecting a structural optimization in credit allocation [5][6] - The PBOC is focusing on enhancing direct financing, with the proportion of corporate bonds and stocks in social financing increasing by 4.4 percentage points since the end of 2018 [6] Group 3 - The report emphasizes the importance of supporting high-quality development through financial services, particularly in technology and service consumption sectors [7][8] - The PBOC has introduced new tools to enhance financial support for consumption and has noted the potential for service consumption to drive economic growth as income levels rise [8] - The report also addresses the need to improve the efficiency of financial resource allocation, particularly in light of the ongoing economic transition [4][5] Group 4 - The PBOC is actively addressing issues related to "involution" in competition, which can impact economic balance and pricing [10][11] - Recent policies have been introduced to regulate corporate competition and improve payment terms within supply chains, particularly benefiting small and medium-sized enterprises [11] - The report indicates that these measures are expected to enhance the quality and efficiency of industrial chains and promote more rational competition among enterprises [11]

Core Viewpoint - The central bank emphasizes the implementation of a moderately loose monetary policy to support economic recovery and maintain a stable financial environment [1][5]. Group 1: Monetary Policy Implementation - The central bank's report highlights that the monetary policy has entered a phase of "moderate easing," with a focus on counter-cyclical adjustments and the use of various monetary policy tools to support high-quality economic development [2][3]. - A series of monetary policy measures have been implemented in the first half of the year, including interest rate cuts and adjustments to structural monetary policy tools, aimed at enhancing financial services for the real economy [2][3]. - As of June, the social financing scale and broad money supply (M2) grew by 8.9% and 8.3% year-on-year, respectively, indicating stable financial growth [3][4]. Group 2: Economic Environment and Challenges - The report acknowledges a complex and severe external environment, with weakening global economic growth and increasing trade barriers, while also noting the resilience and potential of the domestic economy [5][6]. - The central bank aims to maintain reasonable growth in financing and money supply, while also focusing on optimizing the structure of financial resources to support innovation and green development [6][7]. Group 3: Future Policy Directions - The central bank plans to continue implementing moderately loose monetary policies, ensuring the effective transmission of previous policies and enhancing flexibility in response to economic conditions [6][7]. - There is a strong emphasis on aligning macroeconomic policies, including fiscal and industrial policies, to create a cohesive approach to economic recovery [6][7].

Group 1 - The core viewpoint of the news is the introduction of a comprehensive set of financial policies aimed at stabilizing market expectations and boosting market confidence, which includes measures such as interest rate cuts and adjustments to housing fund loan rates [1] - The People's Bank of China announced ten measures including reserve requirement ratio cuts and interest rate reductions to support low-cost financing for enterprises [1] - The China Securities Regulatory Commission plans to implement reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market, along with new guidelines for major asset restructuring of listed companies [1] Group 2 - The capital market responded positively to the "combination punch," with all three major A-share indices closing higher, indicating a strong market reaction [2] - The trading volume in the Shanghai and Shenzhen markets reached 1.4683 trillion yuan, an increase of 132.1 billion yuan from the previous trading day, reflecting increased investor activity [2] - The stability of the stock market is crucial for the overall economic landscape and the interests of millions of investors, with the government taking proactive measures to address external shocks and ensure stable market operations [2]

Core Viewpoint - The Chinese financial authorities have introduced a comprehensive set of financial policies aimed at stabilizing the macroeconomic environment and maintaining financial market stability amid global uncertainties and domestic economic recovery challenges [1]. Group 1: Monetary Policy Measures - The People's Bank of China (PBOC) has announced ten monetary policy measures, including a 0.5% reserve requirement ratio (RRR) cut for large and medium-sized banks, providing over 1 trillion yuan in long-term liquidity [3]. - The PBOC will lower the policy interest rate by 0.1%, reduce the personal housing provident fund loan interest rate by 0.25%, and cut the structural monetary policy tool rate by 0.25% [3]. - A new "service consumption and elderly care re-loan" of 500 billion yuan will be established, along with increased re-loan quotas for agricultural support and technological innovation [3]. Group 2: Capital Market Support - The financial regulatory authorities will optimize two monetary policy tools, combining their quotas to a total of 800 billion yuan to enhance flexibility and meet diverse market participant needs [2]. - The insurance sector will see an expansion in long-term investment pilot programs, with an additional 60 billion yuan approved for market injection, and a 10% reduction in risk factors for stock investments to encourage greater market participation [2]. Group 3: Real Estate Market Stability - The PBOC has reduced the personal housing provident fund loan interest rate by 0.25%, expected to save residents over 20 billion yuan annually in interest payments [2]. - Financial authorities are working on new financing systems that align with the evolving real estate development model, focusing on loans for real estate development, personal housing, and urban renewal [2]. Group 4: Support for Technological Innovation - The bond market will introduce a "technology board" to support the issuance of technology innovation bonds by financial institutions, technology companies, and equity investment firms [6][7]. - Specific measures will be implemented to optimize credit services, enhance insurance coverage, and expand equity investment to support technological innovation [7]. - The China Securities Regulatory Commission (CSRC) will introduce reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market to facilitate the development of technology innovation bonds and improve the issuance process [7].