中央銀行：引き続き適度な緩和的金融政策を実施し、増加政策とストック政策の統合効果を発揮する

PANews January 6 News: According to Golden Ten, the 2026 People’s Bank of China Work Conference was held on January 5-6. The conference emphasized continuing to implement a moderately loose monetary policy, leveraging the integrated effects of incremental and stock policies, strengthening countercyclical and cross-cyclical regulation, enhancing the quality and efficiency of financial services to support high-quality development of the real economy, deepening financial reform and higher-level opening-up, enhancing the forward-looking, targeted, and coordinated nature of macroeconomic policies, focusing on expanding domestic demand and optimizing supply, preventing and resolving risks and stabilizing social expectations, creating a favorable monetary and financial environment for stable economic growth, high-quality development, and stable operation of financial markets, and providing strong financial support for achieving a good start to the “15th Five-Year Plan.”

Additionally, the conference emphasized taking the promotion of high-quality economic development and reasonable price recovery as important considerations for monetary policy, flexibly and efficiently utilizing multiple monetary policy tools such as reserve requirement ratio cuts and interest rate reductions, maintaining ample liquidity, keeping social financing conditions relatively loose, guiding reasonable growth in financial aggregates and balanced credit distribution, ensuring that growth in social financing scale and money supply matches economic growth and expected price level targets. Improving the transmission mechanism of monetary policy, giving play to the guiding role of policy rates, implementing and supervising interest rate policies effectively, and promoting lower operation of comprehensive social financing costs. Orderly expanding coverage of explicit corporate loan comprehensive financing costs work, promoting explicit personal loan comprehensive financing costs. Maintaining basic stability of the RMB exchange rate at a reasonable equilibrium level, preventing exchange rate overshooting risks.