Recently, the market's expectations for interest rate cuts and reserve requirement reductions have cooled down. The latest signals from the central bank indicate that, at least in the first quarter, traditional liquidity tools are unlikely to be implemented. However, this does not mean there are no surprises—jointly launched by the Shanghai and Shenzhen stock exchanges, the 2026 fee reduction plan offers total benefits exceeding 1.9 billion yuan, directly addressing the market's real pain points.

Specifically, the Shanghai Stock Exchange announced exemptions from listing fees and trading unit fees, while the Shenzhen Stock Exchange is simultaneously promoting fee reductions for bonds, funds, and other products, which is a substantial benefit for listed companies and investors alike. Meanwhile, the Loan Prime Rate (LPR) has remained unchanged for seven consecutive months, putting pressure on bank interest margins, but the central bank has adopted more targeted measures—shifting support focus toward technological innovation and small- and micro-sized enterprises, continuously exerting effort through structural policies.

It is noteworthy that the Medium-term Lending Facility (MLF) operations have released 400 billion yuan of liquidity, and there are signs of proactive fiscal policy measures. In contrast, the Federal Reserve is likely to continue its cycle of interest rate cuts, while China has clearly taken a different approach in policy thinking—shifting from broad liquidity injections to precise support. Does this asymmetric operational approach indicate a deep adjustment in the policy framework? For investors concerned with cryptocurrencies like Bitcoin and Ethereum, changes in the liquidity environment often serve as important references. Although the interest rate cuts have not arrived as expected, a series of measures such as fee reductions and narrowing interest rate spreads are already underway, and the policy space for 2026 warrants continued attention.