<p>中國人民銀行（PBOC）發佈了 2026 年第一季度中國貨幣政策實施報告，指出外部環境的變化加深了其影響。全球經濟增長動力依然疲弱，地緣政治風險持續上升，供應衝擊和輸入性通脹壓力出現，主要經濟體表現分化，全球央行的貨幣政策調整存在不確定性。中國經濟正朝着更高質量的發展邁進，新的增長動力和改善不斷湧現，但持續穩定復甦的基礎仍需進一步鞏固。同時，中國長期積極經濟前景的支撐條件和基本趨勢保持不變，制度優勢和大經濟體的優勢持續顯現。應增強信心，充分發揮優勢，冷靜應對各種風險和挑戰，以增強經濟韌性，鞏固發展基礎。</p>
<p>中國人民銀行將繼續實施適度寬鬆的貨幣政策。將增強政策的前瞻性、靈活性和針對性，適度管理政策實施的力度、節奏和時機，依據國內外經濟金融形勢及金融市場表現，加強貨幣政策與財政政策的協調，暢通貨幣政策的傳導機制，促進經濟穩定增長和價格合理反彈。將靈活運用多種貨幣政策工具，保持充足的流動性和相對寬鬆的社會融資環境，引導社會融資總量合理增長和信貸供給平衡，確保對實體經濟的融資總量（流量）和貨幣供應與經濟增長及目標總體價格水平相匹配。</p>
<p>此外，中國人民銀行將進一步完善利率調控框架，加強中央銀行政策利率的引導作用，細化市場化利率形成和傳導機制，充分發揮市場化利率定價的自律機制，增強利率政策的實施和監督，降低銀行融資成本，引導金融機構提升利率定價能力，從而促進經濟整體融資成本的降低。將繼續披露和深化企業貸款融資成本的工作。中國人民銀行將發揮貨幣政策工具的總量和結構性功能，充分利用各種結構性貨幣政策工具，優化工具管理，推進重點金融舉措，加強對擴大內需、技術創新和小微企業等重點領域的金融支持。</p>
<p>中國人民銀行還將堅持以市場供求為基礎的管理浮動匯率制度，並參考一籃子貨幣。將保持匯率靈活性，允許匯率作為宏觀經濟和國際收支的自動穩定器，採取綜合措施增強外匯市場的韌性，穩定市場預期，防範匯率過度波動風險，保持人民幣匯率基本穩定在合理均衡水平。將進一步擴展和豐富中央銀行的宏觀審慎和金融穩定功能，完善宏觀審慎和金融穩定政策工具箱，維護金融市場的平穩運行，堅決防範系統性金融風險。</p>

A華夏人民幣

A博時人民幣

A華夏人民幣-R

A博時人民幣-R

A惠理人民幣

<p>中國人民銀行（PBOC）宣佈將繼續實施適度寬鬆的貨幣政策，以支持在全球不確定性中經濟增長。人民銀行旨在加強利率調控，管理流動性，確保信貸供給的平衡。它還將重點降低企業融資成本，改善利率形成機制。此外，人民銀行將維持有管理的浮動匯率，以穩定人民幣並防範系統性金融風險，同時支持國內需求和技術創新等關鍵領域</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>中國人民銀行（PBOC）發佈了 2026 年第一季度中國貨幣政策實施報告，指出外部環境的變化加深了其影響。全球經濟增長動力依然疲弱，地緣政治風險持續上升，供應衝擊和輸入性通脹壓力出現，主要經濟體表現分化，全球央行的貨幣政策調整存在不確定性。中國經濟正朝着更高質量的發展邁進，新的增長動力和改善不斷湧現，但持續穩定復甦的基礎仍需進一步鞏固。同時，中國長期積極經濟前景的支撐條件和基本趨勢保持不變，制度優勢和大經濟體的優勢持續顯現。應增強信心，充分發揮優勢，冷靜應對各種風險和挑戰，以增強經濟韌性，鞏固發展基礎。</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>中國人民銀行將繼續實施適度寬鬆的貨幣政策。將增強政策的前瞻性、靈活性和針對性，適度管理政策實施的力度、節奏和時機，依據國內外經濟金融形勢及金融市場表現，加強貨幣政策與財政政策的協調，暢通貨幣政策的傳導機制，促進經濟穩定增長和價格合理反彈。將靈活運用多種貨幣政策工具，保持充足的流動性和相對寬鬆的社會融資環境，引導社會融資總量合理增長和信貸供給平衡，確保對實體經濟的融資總量（流量）和貨幣供應與經濟增長及目標總體價格水平相匹配。</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，中國人民銀行將進一步完善利率調控框架，加強中央銀行政策利率的引導作用，細化市場化利率形成和傳導機制，充分發揮市場化利率定價的自律機制，增強利率政策的實施和監督，降低銀行融資成本，引導金融機構提升利率定價能力，從而促進經濟整體融資成本的降低。將繼續披露和深化企業貸款融資成本的工作。中國人民銀行將發揮貨幣政策工具的總量和結構性功能，充分利用各種結構性貨幣政策工具，優化工具管理，推進重點金融舉措，加強對擴大內需、技術創新和小微企業等重點領域的金融支持。</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>中國人民銀行還將堅持以市場供求為基礎的管理浮動匯率制度，並參考一籃子貨幣。將保持匯率靈活性，允許匯率作為宏觀經濟和國際收支的自動穩定器，採取綜合措施增強外匯市場的韌性，穩定市場預期，防範匯率過度波動風險，保持人民幣匯率基本穩定在合理均衡水平。將進一步擴展和豐富中央銀行的宏觀審慎和金融穩定功能，完善宏觀審慎和金融穩定政策工具箱，維護金融市場的平穩運行，堅決防範系統性金融風險。</p>
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PBOC: To Continue Implementing Moderately Accommodative Monetary Policy, Further Improve Interest Rate Regulation Framework

- 中國人民銀行發佈第一季度貨幣政策實施報告，強調外部環境影響加劇。  
- 預計將繼續執行適度寬鬆貨幣政策，以促進經濟穩定增長。  
- 將增強政策靈活性，優化融資環境，支持重點領域發展。

中國人民銀行表示，將繼續實施適度寬鬆的貨幣政策，並進一步完善利率調控框架