The 2026 People's Bank of China (PBOC) Work Conference was held on January 5–6. The meeting emphasized that promoting high-quality economic development and a reasonable recovery in prices should be key considerations in monetary policy. It called for the flexible and efficient use of various monetary policy tools, such as reserve requirement ratio cuts and interest rate reductions, to maintain ample liquidity,maintain relatively loose social financing conditions, guide reasonable growth in the total volume of financial resources and balanced credit allocation, and ensure that the growth of social financing scale and money supply aligns with the expected targets for economic growth and the general price level. We will ensure the smooth functioning of the monetary policy transmission mechanism, give full play to the guiding role of policy interest rates, strengthen the implementation and supervision of interest rate policies, and promote the low-level operation of the comprehensive cost of social financing.We will systematically expand the coverage of efforts to disclose the comprehensive financing costs of corporate loans and promote the disclosure of such costs for personal loans. We will maintain the basic stability of the RMB exchange rate at a reasonable and balanced level and guard against the risk of excessive exchange rate fluctuations.