<p>中国人民银行（PBOC）发布了 2026 年第一季度中国货币政策实施报告，指出外部环境的变化加深了其影响。全球经济增长动力依然疲弱，地缘政治风险持续上升，供应冲击和输入性通胀压力出现，主要经济体表现分化，全球央行的货币政策调整存在不确定性。中国经济正朝着更高质量的发展迈进，新的增长动力和改善不断涌现，但持续稳定复苏的基础仍需进一步巩固。同时，中国长期积极经济前景的支撑条件和基本趋势保持不变，制度优势和大经济体的优势持续显现。应增强信心，充分发挥优势，冷静应对各种风险和挑战，以增强经济韧性，巩固发展基础。</p>
<p>中国人民银行将继续实施适度宽松的货币政策。将增强政策的前瞻性、灵活性和针对性，适度管理政策实施的力度、节奏和时机，依据国内外经济金融形势及金融市场表现，加强货币政策与财政政策的协调，畅通货币政策的传导机制，促进经济稳定增长和价格合理反弹。将灵活运用多种货币政策工具，保持充足的流动性和相对宽松的社会融资环境，引导社会融资总量合理增长和信贷供给平衡，确保对实体经济的融资总量（流量）和货币供应与经济增长及目标总体价格水平相匹配。</p>
<p>此外，中国人民银行将进一步完善利率调控框架，加强中央银行政策利率的引导作用，细化市场化利率形成和传导机制，充分发挥市场化利率定价的自律机制，增强利率政策的实施和监督，降低银行融资成本，引导金融机构提升利率定价能力，从而促进经济整体融资成本的降低。将继续披露和深化企业贷款融资成本的工作。中国人民银行将发挥货币政策工具的总量和结构性功能，充分利用各种结构性货币政策工具，优化工具管理，推进重点金融举措，加强对扩大内需、技术创新和小微企业等重点领域的金融支持。</p>
<p>中国人民银行还将坚持以市场供求为基础的管理浮动汇率制度，并参考一篮子货币。将保持汇率灵活性，允许汇率作为宏观经济和国际收支的自动稳定器，采取综合措施增强外汇市场的韧性，稳定市场预期，防范汇率过度波动风险，保持人民币汇率基本稳定在合理均衡水平。将进一步扩展和丰富中央银行的宏观审慎和金融稳定功能，完善宏观审慎和金融稳定政策工具箱，维护金融市场的平稳运行，坚决防范系统性金融风险。</p>

A华夏人民币

A博时人民币

A华夏人民币-R

A博时人民币-R

A惠理人民币

<p>中国人民银行（PBOC）宣布将继续实施适度宽松的货币政策，以支持在全球不确定性中经济增长。人民银行旨在加强利率调控，管理流动性，确保信贷供给的平衡。它还将重点降低企业融资成本，改善利率形成机制。此外，人民银行将维持有管理的浮动汇率，以稳定人民币并防范系统性金融风险，同时支持国内需求和技术创新等关键领域</p>

<p>The People's Bank of China (PBOC) released the 1Q26 China Monetary Policy Implementation Report, noting that changes in the external environment have deepened their impact. Global economic growth momentum remains weak, geopolitical risks continue to rise, supply shocks and imported inflationary pressures have emerged, major economies show divergent performance, and there is uncertainty over monetary policy adjustments by central banks worldwide. China's economy is advancing toward higher-quality development with new growth drivers and improvements, but the foundation for sustained stable recovery still needs to be further consolidated. At the same time, the supporting conditions and fundamental trend for China's long-term positive economic outlook remain unchanged. Institutional strengths and the advantages of a large economy continue to be demonstrated. Confidence should be strengthened, advantages fully leveraged, and various risks and challenges calmly addressed to enhance economic resilience and solidify the foundation for development.</p>
<div class="lb-trans"><p>中国人民银行（PBOC）发布了 2026 年第一季度中国货币政策实施报告，指出外部环境的变化加深了其影响。全球经济增长动力依然疲弱，地缘政治风险持续上升，供应冲击和输入性通胀压力出现，主要经济体表现分化，全球央行的货币政策调整存在不确定性。中国经济正朝着更高质量的发展迈进，新的增长动力和改善不断涌现，但持续稳定复苏的基础仍需进一步巩固。同时，中国长期积极经济前景的支撑条件和基本趋势保持不变，制度优势和大经济体的优势持续显现。应增强信心，充分发挥优势，冷静应对各种风险和挑战，以增强经济韧性，巩固发展基础。</p>
</div><p>The PBOC will continue to implement a moderately accommodative monetary policy. It will enhance the forward-looking, flexible and targeted nature of policy, appropriately manage the intensity, pace and timing of policy implementation in accordance with domestic and external economic and financial conditions as well as financial market performance, strengthen coordination between monetary and fiscal policies, smooth the transmission mechanism of monetary policy, and promote stable economic growth and a reasonable rebound in prices. A range of monetary policy tools will be used flexibly to maintain ample liquidity and relatively accommodative social financing conditions, guide reasonable growth in aggregate financing and balanced credit supply, and ensure that the growth of Aggregate Financing to the Real Economy (Flow) and money supply matches economic growth and targeted overall price levels.</p>
<div class="lb-trans"><p>中国人民银行将继续实施适度宽松的货币政策。将增强政策的前瞻性、灵活性和针对性，适度管理政策实施的力度、节奏和时机，依据国内外经济金融形势及金融市场表现，加强货币政策与财政政策的协调，畅通货币政策的传导机制，促进经济稳定增长和价格合理反弹。将灵活运用多种货币政策工具，保持充足的流动性和相对宽松的社会融资环境，引导社会融资总量合理增长和信贷供给平衡，确保对实体经济的融资总量（流量）和货币供应与经济增长及目标总体价格水平相匹配。</p>
</div><p>In addition, the PBOC will further improve the interest rate regulation framework, strengthen the guidance role of the central bank's policy rates, refine the market-based interest rate formation and transmission mechanism, give full play to the self-regulatory mechanism for market-based interest rate pricing, enhance the implementation and supervision of interest rate policies, lower banks' funding costs, and guide financial institutions to improve their interest rate pricing capabilities, thereby promoting lower overall financing costs for the economy. Efforts to disclose and deepen work on corporate loan financing costs will continue. The PBOC will leverage both the aggregate and structural functions of monetary policy tools, make good use of various structural monetary policy instruments, optimize tool management, advance key financial initiatives, and strengthen financial support for priority areas such as expanding domestic demand, technological innovation, and small and micro enterprises.</p>
<div class="lb-trans"><p>此外，中国人民银行将进一步完善利率调控框架，加强中央银行政策利率的引导作用，细化市场化利率形成和传导机制，充分发挥市场化利率定价的自律机制，增强利率政策的实施和监督，降低银行融资成本，引导金融机构提升利率定价能力，从而促进经济整体融资成本的降低。将继续披露和深化企业贷款融资成本的工作。中国人民银行将发挥货币政策工具的总量和结构性功能，充分利用各种结构性货币政策工具，优化工具管理，推进重点金融举措，加强对扩大内需、技术创新和小微企业等重点领域的金融支持。</p>
</div><p>The PBOC will also adhere to a managed floating exchange rate regime based on market supply and demand, with reference to a basket of currencies. It will maintain exchange rate flexibility, allow the exchange rate to function as an automatic stabilizer for the macroeconomy and balance of payments, adopt comprehensive measures to enhance the resilience of the foreign exchange market, stabilize market expectations, guard against the risk of exchange rate overshooting, and keep the RMB exchange rate basically stable at a reasonable and equilibrium level. It will further expand and enrich the central bank's macroprudential and financial stability functions, improve the macroprudential and financial stability policy toolkit, safeguard the smooth operation of financial markets, and firmly prevent systemic financial risks.</p>
<div class="lb-trans"><p>中国人民银行还将坚持以市场供求为基础的管理浮动汇率制度，并参考一篮子货币。将保持汇率灵活性，允许汇率作为宏观经济和国际收支的自动稳定器，采取综合措施增强外汇市场的韧性，稳定市场预期，防范汇率过度波动风险，保持人民币汇率基本稳定在合理均衡水平。将进一步扩展和丰富中央银行的宏观审慎和金融稳定功能，完善宏观审慎和金融稳定政策工具箱，维护金融市场的平稳运行，坚决防范系统性金融风险。</p>
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PBOC: To Continue Implementing Moderately Accommodative Monetary Policy, Further Improve Interest Rate Regulation Framework

- 中国人民银行发布第一季度货币政策实施报告，强调外部环境影响加剧。  
- 预计将继续执行适度宽松货币政策，以促进经济稳定增长。  
- 将增强政策灵活性，优化融资环境，支持重点领域发展。

中国人民银行表示，将继续实施适度宽松的货币政策，并进一步完善利率调控框架