China's central bank on Tuesday said that it will continue to implement a moderately loose monetary policy in 2026, using tools such as the reserve requirement ratio and interest rate cuts to maintain ample liquidity.
The People's Bank of China (PBOC) will position high-quality economic development and a reasonable rebound in prices as key monetary policy objectives, it said in a statement released after its annual work conference, which outlined key tasks for this year.
Efforts will be made to keep the RMB exchange rate basically stable at a reasonable and balanced level, and to guard against the risk of an exchange rate overshoot, the bank said.
The PBOC will step up financial support for key areas such as domestic demand expansion, technological innovation, and micro, small and medium-sized enterprises. It will also make effective use of refinancing tools for services consumption and elderly care to drive increased credit allocation in the services consumption sector.
Among other priorities, the central bank highlighted the need to contain financial risks in key sectors, with plans in place to establish a mechanism to provide liquidity for non-banking institutions in specific scenarios.
The PBOC will deepen financial reform and opening-up, promote reforms in global financial governance, and enhance its financial management and service capabilities.
China's central bank to maintain moderately loose monetary policy in 2026
The Global Mayors Dialogue opened in Harbin, capital of northeast China's Heilongjiang Province on Tuesday, bringing together mayors and senior city officials from across Europe, Asia, and North America to have in-depth exchanges on practical approaches to developing the ice and snow economy.
Held under the theme "Connecting the World with Ice and Snow, Win-Win Cooperation for a Shared Future", the three-day event gathered mayors, deputy mayors, and mayoral representatives from cities across the globe, including Canada, Finland, Germany, Greece, the Republic of Korea, Thailand, and Türkiye, focusing on the ice and snow economy, cultural integration, smart city development, heritage preservation, and urban governance.
The event featured a main dialogue and a scenario-based dialogue salon to foster in-depth exchanges and spark new ideas. Guests are invited to visit iconic sites such as the Harbin Ice and Snow World and attend the opening ceremony and trade events of the Harbin Ice and Snow Economy Expo, which are showcasing Harbin's achievements in building an ice and snow economy brand, strengthening international exchanges and cooperation, and inheriting ice and snow culture.
Harbin, called China's "ice city", has turned its long, cold winters into a major tourist attraction. Last winter, it welcomed a record 90.36 million visitors, generating 137.22 billion yuan (about 19.44 billion U.S. dollars) in revenue, a year-on-year increase of 16.6 percent.
International mayors gather in Harbin to explore ice and snow economy
