<p>中国央行表示将持续政策支持至 2026 年，强化了进一步放松以稳定增长的预期。</p>
<p>摘要：</p>
<ul>
<li>央行确认 2026 年将保持适度宽松的政策立场</li>
<li>进一步的存款准备金率（RRR）和利率下调仍在考虑之中</li>
<li>政策框架将转向以预期驱动的指标</li>
<li>结构性工具将支持创新和中小企业</li>
<li>承诺保持货币灵活性和人民币国际化</li>
</ul>
<p>中国央行重申了 2026 年货币政策的明显宽松倾向，暗示在寻求稳定增长和支持价格逐步恢复的过程中，仍有进一步下调存款准备金率（RRR）和利率的空间。央行行长潘功胜在周四接受新华社采访时表示，政策将保持 “适度宽松”，当局承诺保持流动性充足，融资成本低廉。</p>
<p>潘功胜表示，货币政策将优先考虑稳定经济增长和 “合理” 的价格恢复，运用新的刺激措施和现有政策工具创造一个支持性的金融环境。他明确指出，今年仍有进一步下调 RRR 和利率的空间，强化了即使在全球央行更加谨慎的情况下，政策支持仍将持续的预期。</p>
<p>行长还强调了中国金融体系正在进行的结构性变化。到 2025 年，新银行贷款占社会融资总额的比例不足一半，凸显了向市场化融资渠道的转变。对此，央行计划完善其政策框架，以更好地反映这些变化并提高监管有效性。</p>
<p>一个关键主题是灵活性。潘功胜表示，央行将逐步摆脱僵化的定量目标，转向更基于观察和预期驱动的框架。流动性管理将越来越依赖政府债券交易，以确保银行系统内资金充足，同时将努力改善政策利率向市场利率的传导。</p>
<p>央行还计划增强其结构性政策工具，引导银行更有效地将信贷分配到创新、技术升级和支持中小企业等优先领域。在货币方面，潘功胜重申了对市场驱动汇率的承诺，同时防范人民币的过度波动。</p>
<p>在国际层面，央行将继续推动更深层次的金融开放，支持人民币国际化，并加强上海和香港作为全球金融中心的地位。增强跨境人民币支付系统和更广泛的国际金融合作也被列为 2026 年的优先事项。</p>

A博时人民币

A华夏人民币

A博时人民币-R

A惠理人民币

深证成指

创业板指

A惠理人民币-R

沪深300

A华夏人民币-R

上证指数

<p>中国中央银行人民银行（PBOC）已确认 2026 年将实施适度宽松的货币政策，表明可能进一步下调存款准备金率（RRR）和利率，以支持经济增长。行长潘功胜强调将转向以预期驱动的指标和结构性工具来帮助创新和中小企业。人民银行旨在实施灵活的货币政策，同时推动人民币国际化和加强金融合作。重点将放在保持充足的流动性和低融资成本，以促进价格的逐步恢复和稳定增长</p>

<p>China’s central bank signalled sustained policy support into 2026, reinforcing expectations of further easing to stabilise growth.</p>
<div class="lb-trans"><p>中国央行表示将持续政策支持至 2026 年，强化了进一步放松以稳定增长的预期。</p>
</div><p>Summary:</p>
<div class="lb-trans"><p>摘要：</p>
</div><ul>
<li>PBOC confirms moderately loose policy stance for 2026</li>
<li>Further RRR and interest rate cuts remain on the table</li>
<li>Policy framework to shift toward expectation-driven indicators</li>
<li>Structural tools to support innovation and SMEs</li>
<li>Commitment to currency flexibility and RMB internationalisation</li>
</ul>
<div class="lb-trans"><ul>
<li>央行确认 2026 年将保持适度宽松的政策立场</li>
<li>进一步的存款准备金率（RRR）和利率下调仍在考虑之中</li>
<li>政策框架将转向以预期驱动的指标</li>
<li>结构性工具将支持创新和中小企业</li>
<li>承诺保持货币灵活性和人民币国际化</li>
</ul>
</div><p>China’s central bank has reaffirmed a clear easing bias for monetary policy in 2026, signalling further scope for both reserve requirement ratio (RRR) cuts and interest rate reductions as it seeks to stabilise growth and support a gradual recovery in prices. Speaking to Xinhua on Thursday, PBOC Governor Pan Gongsheng said policy would remain “moderately loose,” with authorities committed to keeping liquidity ample and financing costs low across the economy.</p>
<div class="lb-trans"><p>中国央行重申了 2026 年货币政策的明显宽松倾向，暗示在寻求稳定增长和支持价格逐步恢复的过程中，仍有进一步下调存款准备金率（RRR）和利率的空间。央行行长潘功胜在周四接受新华社采访时表示，政策将保持 “适度宽松”，当局承诺保持流动性充足，融资成本低廉。</p>
</div><p>Pan said monetary policy would prioritise stable economic growth and a “reasonable” recovery in prices, deploying both new stimulus measures and existing policy tools to create a supportive financial environment. He explicitly noted there is still room for further RRR and rate cuts this year, reinforcing expectations that policy support will remain in place even as global central banks move more cautiously.</p>
<div class="lb-trans"><p>潘功胜表示，货币政策将优先考虑稳定经济增长和 “合理” 的价格恢复，运用新的刺激措施和现有政策工具创造一个支持性的金融环境。他明确指出，今年仍有进一步下调 RRR 和利率的空间，强化了即使在全球央行更加谨慎的情况下，政策支持仍将持续的预期。</p>
</div><p>The governor also highlighted structural changes underway in China’s financial system. In 2025, new bank loans accounted for less than half of total social financing, underscoring a shift toward market-based financing channels. In response, the PBOC plans to refine its policy framework to better reflect these changes and improve regulatory effectiveness.</p>
<div class="lb-trans"><p>行长还强调了中国金融体系正在进行的结构性变化。到 2025 年，新银行贷款占社会融资总额的比例不足一半，凸显了向市场化融资渠道的转变。对此，央行计划完善其政策框架，以更好地反映这些变化并提高监管有效性。</p>
</div><p>A key theme was flexibility. Pan said the central bank will move away from rigid quantitative targets toward a more observation-based and expectations-driven framework. Liquidity management will increasingly rely on government bond transactions to ensure sufficient funding within the banking system, while efforts will be made to improve the transmission of policy rates to market rates.</p>
<div class="lb-trans"><p>一个关键主题是灵活性。潘功胜表示，央行将逐步摆脱僵化的定量目标，转向更基于观察和预期驱动的框架。流动性管理将越来越依赖政府债券交易，以确保银行系统内资金充足，同时将努力改善政策利率向市场利率的传导。</p>
</div><p>The PBOC also plans to enhance its structural policy tools, guiding banks to allocate credit more effectively toward priority areas such as innovation, technological upgrading and support for small and medium-sized enterprises. On the currency front, Pan reaffirmed a commitment to a market-driven exchange rate, while guarding against excessive volatility in the yuan.</p>
<div class="lb-trans"><p>央行还计划增强其结构性政策工具，引导银行更有效地将信贷分配到创新、技术升级和支持中小企业等优先领域。在货币方面，潘功胜重申了对市场驱动汇率的承诺，同时防范人民币的过度波动。</p>
</div><p>Internationally, the central bank will continue pushing for deeper financial opening, supporting RMB internationalisation and strengthening Shanghai and Hong Kong as global financial hubs. Enhanced cross-border RMB payment systems and broader international financial cooperation were also flagged as priorities for 2026.</p>
<div class="lb-trans"><p>在国际层面，央行将继续推动更深层次的金融开放，支持人民币国际化，并加强上海和香港作为全球金融中心的地位。增强跨境人民币支付系统和更广泛的国际金融合作也被列为 2026 年的优先事项。</p>
</div>

ICYMI - PBOC Governor signals further rate and RRR cuts as China keeps loose policy stance

- 中国央行将持续政策支持至 2026 年，保持适度宽松。
- 考虑下调存款准备金率与利率，以稳定增长。
- 将推动人民币国际化并支持创新与中小企业。

中国人民银行行长暗示将进一步降息和降低存款准备金率，中国继续维持宽松的政策立场