[People's Bank of China Work Conference Emphasizes Moderately Loose Monetary Policy and High-Quality Development Goals] From January 5 to 6, 2026, the People's Bank of China held its work conference. The meeting proposed to continue implementing a moderately loose monetary policy, strengthen the integrated effects of incremental and stock policies, increase counter-cyclical and cross-cyclical adjustments, enhance the financial sector's ability to support high-quality development of the real economy, deepen financial reform and higher-level opening-up, and improve the foresight, precision, and coordination of macroeconomic policies. The focus will be on expanding domestic demand, optimizing supply, preventing and mitigating risks, and stabilizing social expectations, thereby providing a favorable monetary and financial environment for stable economic growth, high-quality development, and the stable operation of financial markets, contributing to a strong start for the 15th Five-Year Plan. The meeting also emphasized promoting high-quality economic development and a reasonable recovery in prices as key focuses of monetary policy. It will flexibly use tools such as reserve requirement ratio (RRR) cuts and interest rate reductions, maintain ample liquidity, and guide the scale of social financing and money supply to align with economic growth and overall price level targets, ensuring the basic stability of the RMB exchange rate.