Pan Gongsheng, Governor of the People's Bank of China, stated in an interview that in 2026, the People's Bank of China will continue to implement a moderately accommodative monetary policy, considering the promotion of stable economic growth and reasonable price recovery as key factors in its monetary policy. It will leverage the integrated effects of incremental and existing policies to create a favorable monetary and financial environment for stable economic growth, high-quality development, and the smooth operation of financial markets, while providing strong financial support for a good start to the '15th Five-Year Plan.' In terms of aggregate policy, it will flexibly and efficiently use various monetary policy tools, such as reserve requirement ratio cuts and interest rate reductions, to maintain ample liquidity and ensure that the growth of social financing scale and money supply aligns with economic growth and overall price level targets. There is still some room for cuts in the reserve requirement ratio and interest rates this year. The People's Bank of China will also ensure the implementation and supervision of interest rate policies to keep the comprehensive financing costs of society at a low level. (Xinhua News Agency)
Pan Gongsheng: Flexibly and efficiently utilize various monetary policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions. There is still some room for RRR cuts and interest rate reductions this year.
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