Greater China Banks Daily "PBOC reaffirms moderately accommodative polic..."

研报英文原文证据摘录

Greater China Banks Daily "PBOC reaffirms moderately accommodative polic..."

Global Research

13 May 2026ab

Greater China Banks Daily Equities

ChinaPBOC reaffirms moderately accommodative

policy, "RRR/rate cut" language dropped; Local Banks

SOEs & mgmt increase stakes in regional banks MayAnalystYan

may.yan@ubs.com

+852-2971 7157

PBOC reaffirms moderately accommodative policy, "RRR/rate cut" language Alex Ye

Analystdropped

S1460522090005

21jingji, May 12: The PBOC Q126 monetary policy report was released on May 11, alex.ye@ubs.com

reaffirming a "moderately accommodative" policy stance, with a focus on ample +86 755 2215 8858

liquidity, relatively loose social financing conditions, and placing importance on

Frank Zheng, CFA

stimulating stable economic growth and a reasonable recovery in inflation. Compared Analyst

with the report in Q425, the wording of "RRR cut/ rate cut at the appropriate time" has S1460524050001

been completely removed, replaced by language on "closely monitoring imported frank.zheng@ubs.com

inflation", echoing April PPI/ CPI reacceleration. A key addition was the emphasis on +86-21-3866 8873

regulating market behaviours that hinder monetary policy transmission, with a number Catherine Yang, CFA

of regulatory measures aimed to address rate transmission inefficiencies already been Analyst

introduced: 1. Liability side: Trial implementation of self-disciplined interbank deposit S1460526010003

rate caps, anchored to Shibor +10bps, with expected full implementation by Q326. 2. catherine-za.yang@ubs.com

Asset side: Banks are prohibited from issuing loans with post-tax rates below same-tenor +86-755-2215 8860

government bond yields to curb irrational pricing competition. 3. Transparency: Helen Li, CFA