---
title: "Central Bank: Promoting high-quality economic development and a reasonable rebound in prices as an important consideration for monetary policy"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/271634579.md"
description: "The People's Bank of China emphasized at the 2026 work conference the continuation of a moderately loose monetary policy to promote high-quality economic development and a reasonable rebound in prices. It will flexibly use tools such as reserve requirement ratio cuts and interest rate reductions to maintain ample liquidity, ensure loose social financing conditions, and promote balanced credit allocation. The conference also mentioned the need to maintain the stability of the RMB exchange rate, deepen international financial cooperation, support the construction of the Shanghai International Financial Center, and strengthen regulation of the financial markets"
datetime: "2026-01-06T10:06:05.000Z"
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  - [zh-CN](https://longbridge.com/zh-CN/news/271634579.md)
  - [en](https://longbridge.com/en/news/271634579.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/271634579.md)
---

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# Central Bank: Promoting high-quality economic development and a reasonable rebound in prices as an important consideration for monetary policy

According to the Zhitong Finance APP, on January 6, the People's Bank of China held its work meeting for 2026 from January 5 to 6. The meeting emphasized that the key tasks for 2026 include: continuing to implement a moderately loose monetary policy. Promoting high-quality economic development and a reasonable rebound in prices will be important considerations for monetary policy. Various monetary policy tools such as reserve requirement ratio cuts and interest rate reductions will be flexibly and efficiently utilized to maintain ample liquidity, keep social financing conditions relatively loose, guide reasonable growth in the total financial volume, and ensure balanced credit allocation, aligning the growth of social financing scale and money supply with economic growth and price level expectations.

The meeting also called for smooth transmission of monetary policy mechanisms, effectively guiding policy interest rates, ensuring proper execution and supervision of interest rate policies, and promoting low comprehensive financing costs for society. It aims to orderly expand the coverage of comprehensive financing costs for corporate loans and promote comprehensive financing costs for personal loans. The meeting stressed maintaining basic stability of the RMB exchange rate at a reasonable and balanced level and preventing risks of excessive exchange rate adjustments.

Furthermore, it will coordinate multilateral and bilateral monetary and financial cooperation. The meeting will continue to deepen cooperation with international organizations such as the International Monetary Fund and multilateral development institutions, relying on platforms like the G20 to promote global macro policy coordination and participate in the formulation of international financial rules. It supports the establishment of the International Monetary Fund's Shanghai center.

The meeting will strengthen supervision and management of the interbank bond market, money market, foreign exchange market, bill market, gold market, and related derivatives. It will enhance the overall supervision of financial infrastructure. The meeting aims to deepen high-level opening of financial markets and continue optimizing the "Bond Connect" and "Swap Connect" mechanisms. It supports the construction of the Shanghai International Financial Center, consolidates and enhances Hong Kong's status as an international financial center, and maintains the stability and prosperous development of Hong Kong's financial market. The meeting will leverage the role of central bank currency swaps to facilitate the use of RMB in trade and investment, promoting financial institutions to improve cross-border financial services. It will also improve the infrastructure for cross-border use of RMB and welcome more eligible foreign entities to issue Panda bonds. The scope of the fast payment system will be expanded, and cooperation on QR code interoperability will be promoted.

The meeting will continue to effectively support the resolution of debt risks for financing platform debts and steadily and orderly advance the exit of financing platforms. It will promote risk disposal in key regions and institutions, strengthening risk identification and early correction for small and medium-sized financial institutions. The meeting will fully leverage the macro-prudential management and financial stability functions of the central bank, improving the toolbox for macro-prudential and financial stability management. It will enhance the financial market monitoring indicator system and explore conducting macro-prudential management of financial markets. A mechanism will be established to provide liquidity to non-bank institutions under specific scenarios, effectively utilizing two monetary policy tools that support the capital market. The meeting will strengthen financial market regulatory enforcement and continue to crack down on illegal activities in the financial market.

## **Original text as follows:**

**The People's Bank of China Work Meeting for 2026 is held**

The People's Bank of China work meeting for 2026 was held from January 5 to 6. Guided by Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, the meeting deeply studied and implemented the spirit of the 20th National Congress of the Communist Party of China and the Central Economic Work Conference, summarized the work of 2025, analyzed the current situation, researched the "14th Five-Year" reform and development plan of the People's Bank of China, and deployed work for 2026. Pan Gongsheng, Secretary of the Party Committee and Governor of the People's Bank of China, attended the meeting and delivered a speech, with Zhu Hexin, Qu Jishan, Xuan Changneng, Lu Lei, Tao Ling, and Zou Lan also in attendance The meeting believes that since 2025, in the face of a complex and severe domestic and international economic and financial situation, the People's Bank of China has resolutely implemented the decisions and deployments of the Party Central Committee and the State Council. Based on effectively executing existing monetary policies, it has launched a new package of monetary policy measures to strongly support stable growth of the real economy and smooth operation of financial markets, continuously deepen structural reforms on the financial supply side, prudently handle financial risks in key areas, actively promote the reform and improvement of global financial governance, and comprehensively advance strict governance of the Party, with all work reaching new heights.

**First, adhere to macro thinking and plan major business and reform matters of the People's Bank of China from a systematic perspective.** Accelerate the improvement of the central bank system, organize research and formulate key work on the "six core elements," the construction of monetary policy and macro-prudential policy frameworks, the development of financial markets, and the internationalization of the Renminbi, and develop specific work plans with dynamic assessments and improvements.

**Second, adhere to professionalism, pragmatism, and precision, with moderately loose monetary policy showing effectiveness.** Strengthen the intersection and relevance of the People's Bank of China's policies with market concerns, timely launch a package of monetary policies, comprehensively use various monetary policy tools such as lowering the reserve requirement ratio and open market operations to maintain ample liquidity. Lower policy interest rates, rates of structural monetary policy tools, and personal housing provident fund loan rates to promote a reduction in the overall financing costs for society. Strengthen the execution and supervision of monetary policy, and improve interest rate self-discipline management. Continuously improve the monetary policy framework to guide money market interest rates to operate more smoothly around policy interest rates, enhancing market communication and expectation guidance.

**Third, focus on the overall situation and carry out international financial cooperation.** Adhere to leadership through diplomatic engagement at the head-of-state level, practice global governance initiatives, focus on global financial and regional safety nets, and continuously deepen multilateral and bilateral financial cooperation. Actively participate in mechanisms such as the G20 and strengthen coordination of global macroeconomic policies. Support the opening of the International Monetary Fund's Shanghai Center.

**Fourth, enhance the quality and effectiveness of financial services for high-quality development.** Improve the policy framework, statistics, and assessment and evaluation systems for the "five major financial articles." Increase the quota for re-loans for technological innovation and technological transformation, as well as for supporting agriculture and small enterprises, launch a "technology board" in the bond market, and establish risk-sharing tools for technology innovation bonds, as well as re-loans for consumer services and elderly care. Optimize financial policy tools to support technological innovation and build a modern industrial system. Financial support quality and effectiveness in areas such as technology, green finance, inclusive finance, elderly care industry, and digital economy continue to improve. Over 700 entities issued technology innovation bonds exceeding 1.5 trillion yuan.

**Fifth, financial risks in key areas continue to converge.** The financial market maintains stable operation. Optimize the two monetary policy tools supporting the capital market, firmly support the role of the China Investment Corporation as a "quasi-stabilization fund," effectively boosting market confidence. Strengthen monitoring and expectation guidance in the bond market, and increase efforts to investigate and deal with illegal activities in the bond market. Implement comprehensive measures to maintain the stable operation of the foreign exchange market. Financial support for resolving debt risks of financing platforms has achieved significant results. The disposal of financial risks in key institutions and key regions is steadily advancing. Establish the Macro-Prudential and Financial Stability Committee of the People's Bank of China, further improving the macro-prudential management and financial stability guarantee system. Strengthen the coordinated supervision of financial infrastructure **Six is the steady expansion of high-level financial openness.** Improve the pre-access national treatment and negative list management system, and support qualified foreign financial institutions to participate in new business pilot projects in China. Steadily promote the institutional opening of financial markets, improve the connectivity between domestic and foreign markets, and facilitate more investors to invest in China's financial markets. Improve the policy arrangements for the cross-border use of the renminbi, creating a better environment for domestic and foreign entities to hold and use renminbi.

**Seven is the further enhancement of financial management and service levels.** Accelerate the promotion of important legislative amendments such as the People's Bank of China Law, Financial Stability Law, and Commercial Bank Law. Deeply participate in the formulation of financial laws. Carry out research and preparation work for the 14th Five-Year Plan. Promote the comprehensive statistics of the financial industry to develop in depth. Advance precise governance of the "funding chain" related to fraud and gambling. Strengthen the regulation of virtual currency transactions. Enhance cash supply security. Optimize the management system of digital renminbi. Implement a one-time credit repair policy to support individuals in efficiently and conveniently rebuilding credit. Continuously improve the supporting regulations of the Anti-Money Laundering Law, strengthen risk assessment, and steadily advance anti-money laundering supervision, beneficial owner information filing, and the crackdown on money laundering crimes.

**Eight is to deepen the comprehensive and strict governance of the Party.** Strictly implement the "first agenda" system. Deeply study and promote General Secretary Xi Jinping's important financial discussions and practices in Fujian. Seriously carry out the study, publicity, and implementation of the spirit of the Fourth Plenary Session of the 20th Central Committee of the Party. Regularly and effectively promote the rectification of the central inspection. The construction of leadership teams and talent teams is progressing in an orderly manner. Continuously improve the supervision and restriction mechanism for the operation of power, carry out high-quality education on the spirit of the Central Eight Regulations, regularly conduct party discipline education and warning education, and severely investigate violations of laws and disciplines. Internal management continues to be standardized, and the follow-up work of institutional reform is steadily advanced, with comprehensive strengthening of the management of branches and affiliated units. Strengthen internal audit supervision, centralized procurement, and fund management. Improve the quality and efficiency of work related to trade unions, the Communist Youth League, retired cadres, logistics services, and security.

The meeting emphasized that the People's Bank of China should be guided by Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th National Congress of the Communist Party of China and the previous plenary sessions, earnestly implement the decisions and deployments of the Central Economic Work Conference, adhere to the general tone of seeking progress while maintaining stability, continue to implement a moderately loose monetary policy, leverage the integrated effects of incremental and stock policies, increase counter-cyclical and cross-cyclical adjustment efforts, enhance the quality and efficiency of financial services for the high-quality development of the real economy, deepen financial reform and higher-level opening up, enhance the foresight, targeting, and coordination of macro policies, focus on expanding domestic demand, optimizing supply, preventing and resolving risks, stabilizing social expectations, and creating a good monetary and financial environment for stable economic growth, high-quality development, and stable operation of financial markets, providing strong financial support for a good start to the 14th Five-Year Plan. Key work for 2026 includes:

**First, persistently promote comprehensive and strict governance of the Party.** Adhere to making the study and implementation of General Secretary Xi Jinping's important speeches and instructions the primary political task. Organize education and training on the spirit of the Fourth Plenary Session of the 20th Central Committee of the Party. Consolidate and expand the results of the central inspection rectification, improve the mechanism for the regular and effective promotion of central inspection rectification work, and continuously assess the effectiveness of rectification. Adhere to the standards for good cadres, strengthen overall planning, optimize the allocation of leadership teams at all levels of the system, and accelerate the construction of a strong cadre talent team Firmly uphold integrity and discipline, implement a long-term and effective system for style construction, continuously deepen the rectification of formalism to reduce burdens on grassroots and concentrate on the results of rectifying violations related to eating and drinking, and maintain a high-pressure stance on the "Four Winds" and corruption issues.

**Second, continue to implement a moderately loose monetary policy.** Promote high-quality economic development and reasonable price recovery as important considerations for monetary policy, flexibly and efficiently use various monetary policy tools such as reserve requirement ratio cuts and interest rate reductions, maintain ample liquidity, keep social financing conditions relatively loose, guide reasonable growth of total financial volume and balanced credit issuance, ensuring that the growth of social financing scale and money supply aligns with economic growth and price level expectations. Smooth the transmission mechanism of monetary policy, effectively guide policy interest rates, ensure proper execution and supervision of interest rate policies, and promote low comprehensive financing costs for society. Gradually expand the coverage of explicit comprehensive financing costs for corporate loans and promote explicit comprehensive financing costs for personal loans. Maintain basic stability of the RMB exchange rate at a reasonable and balanced level, and prevent risks of excessive exchange rate adjustments.

**Third, enhance the quality and efficiency of financial services for high-quality development of the real economy.** Further improve the policy framework of the "Five Major Articles" in finance, implement a sound assessment and evaluation system, strengthen the evaluation of financial service effectiveness, and enhance the specialization and refinement of financial services. Improve the system of structural monetary policy tools, optimize tool design and management, and strengthen financial support for key areas such as expanding domestic demand, technological innovation, and small and micro enterprises. Build and develop a high-quality bond market "Technology Board." Utilize the service consumption and pension re-loan effectively, and promote increased credit issuance in the service consumption sector. Optimize the management of re-loans and rediscounting for agriculture and small enterprises, and enhance the financial service capabilities of financial institutions for small and micro enterprises. Strengthen the supervision of key supply chain financing information service platforms.

**Fourth, prudently resolve financial risks in key areas.** Continue to effectively support the resolution of debt risks for financing platform debts, and steadily and orderly promote the exit of financing platforms. Advance risk disposal in key regions and institutions, and strengthen risk identification and early correction for small and medium-sized financial institutions. Fully leverage the macro-prudential management and financial stability functions of the central bank, and improve the toolbox for macro-prudential and financial stability management. Improve the financial market monitoring indicator system and explore the implementation of macro-prudential management in financial markets. Establish a mechanism for providing liquidity to non-bank institutions under specific scenarios, and effectively utilize two monetary policy tools that support the capital market. Strengthen financial market regulatory enforcement and continue to combat illegal activities in the financial market.

**Fifth, continuously deepen financial reform and opening up.** Strengthen supervision and management of the interbank bond market, money market, foreign exchange market, bill market, gold market, and related derivatives. Enhance the overall regulation of financial infrastructure. Deepen high-level opening of financial markets, and continue to optimize the arrangements for "Bond Connect" and "Swap Connect." Support the construction of the Shanghai International Financial Center, consolidate and enhance the status of Hong Kong as an international financial center, and maintain the stability and prosperous development of the Hong Kong financial market. Effectively utilize the currency swap between central banks to facilitate the use of RMB in trade and investment, and promote financial institutions to improve cross-border financial services. Improve the infrastructure for cross-border use of RMB. Welcome more eligible foreign entities to issue Panda bonds. Expand the interconnection scope of the fast payment system and promote cooperation in QR code interoperability **Six is to actively promote global financial governance reform.** Coordinate and carry out multilateral and bilateral monetary and financial cooperation. Continue to deepen cooperation with international organizations such as the International Monetary Fund and multilateral development institutions, rely on multilateral platforms such as the G20 to promote global macro policy coordination, and participate in the formulation of international financial rules. Support the construction of the International Monetary Fund's Shanghai Center.

**Seven is to further enhance financial management and service capabilities.** Promote key legislative and amendment projects. Research and construct a financial statistical system and standard system that matches the modern central banking system, and continue to monitor statistics in key areas such as the "five major articles" of finance and financing platform debts. Consolidate the effectiveness of cash usage environment construction. Continuously improve the quality and efficiency of treasury management. Steadily implement the one-time personal credit repair policy. Further improve the social credit system. Regularly optimize payment services for the elderly and foreign personnel in China. Strictly implement penetrating supervision of payment institutions and functional supervision of payment services. Strengthen the regulation of virtual currencies and continue to combat related illegal activities. Deepen technology management and innovative applications. Steadily develop the digital renminbi. Further standardize internal management, enhance internal audit supervision, and improve the work levels of retired cadres, logistics support, centralized procurement, and security. Leverage the unifying role of trade unions, youth organizations, and other mass organizations.

The meeting pointed out that 2026 is the starting year of the 14th Five-Year Plan. The People's Bank of China must earnestly implement the decisions and deployments of the Party Central Committee and the State Council, be pragmatic and realistic, face challenges head-on, and contribute to the high-quality development of finance with a more enthusiastic work attitude and a more diligent, pragmatic, professional, and responsible work style, laying a good foundation for the 14th Five-Year Plan.

Members of the leadership team of the State Administration of Foreign Exchange, main responsible comrades from various departments, branches, and affiliated units of the People's Bank of China, and responsible comrades from the stationed disciplinary inspection and supervision teams attended the meeting. Relevant comrades from the Central Organization Department, the Central Financial Committee Office, the Central Financial Commission Office, the General Office of the State Council, and the Ministry of Finance were invited to attend the meeting.

This article is compiled from the "People's Bank of China" WeChat official account, edited by Chen Xiaoyi from Zhitong Finance

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