Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2025, resulting in significant support for the real economy and a notable increase in social financing and loan balances [1][2]. Group 1: Financial Statistics - By the end of 2025, the total social financing stock reached 442.12 trillion yuan, a year-on-year increase of 8.3% [1]. - The balance of RMB loans to the real economy was 268.4 trillion yuan, growing by 6.3% year-on-year [1]. - The broad money supply (M2) increased by 8.5%, significantly outpacing the nominal GDP growth rate [2]. Group 2: Policy Implementation - The PBOC utilized various monetary policy tools to maintain ample liquidity and guide financial institutions to meet the effective financing needs of the real economy [2]. - The issuance of government bonds was accelerated, with a total issuance scale of 16 trillion yuan in 2025, net increasing by 6.6 trillion yuan [3]. - The PBOC's liquidity support through operations like reverse repos has stabilized market expectations and facilitated government bond issuance [3]. Group 3: Financing Structure - In 2025, the incremental social financing was 35.6 trillion yuan, with direct financing accounting for 46.9% of this total, marking a 7.8 percentage point increase compared to the last year of the 13th Five-Year Plan [4]. - The net financing from government bonds was 13.84 trillion yuan, and non-financial corporate bond financing reached 2.39 trillion yuan, reflecting a strong support for private enterprises [4]. - The balance of loans in the "Five Major Financial Articles" reached 107.7 trillion yuan, with significant growth in technology and green loans [6][7]. Group 4: Future Monetary Policy Outlook - The PBOC plans to continue implementing a moderately accommodative monetary policy in 2026, focusing on stabilizing economic growth and ensuring a suitable monetary environment [8]. - There is still room for further reductions in the reserve requirement ratio and interest rates, as the average reserve requirement ratio stands at 6.3% [9]. - The PBOC aims to lower comprehensive financing costs for enterprises by promoting transparency in loan costs and optimizing the financing environment [9].

2026年开年，存款市场迎来重要变化。曾作为银行"揽储利器"的大额存单，利率持续下行，部分中小银 行3个月期产品利率首次跌破1%，正式进入"0 字头"区间。 大额存单短期限产品利率跌破1%，成为近年来首次出现的市场现象。 这一变化，不仅正在改写储户对于"高息存款"的旧有认知，更推动整个理财市场迎来资产配置的重构浪 潮。 根据中国货币网公开信息，今年已有超40家银行发布2026年第一期大额存单发行公告。在"期限"和"利 率"两个方面都有明显不同于往年的变化。 记者登陆部分银行手机银行App看到，在大额存单转让专区，投资者可选择购买其他人正在转出的大额 存单，但并不支持所谓"定向转让"的操作。 市场普遍关注，未来大额存单市场走势如何？ 以往相较于国有大行在利率上有所优势的中小银行，在今年开年的新发产品中，也没有表现出"应有 的"优势。 例如，云南腾冲农商银行、隆阳农商行在1月初发行的期限3个月大额存单，利率均为0.95%。淮北农村 商业银行针对机构发行的3个月期单位大额存单，起存金额高达1000万元，利率也仅1%。 这意味着，从利率上看，大额存单新发行产品利率与普通定期存款差距进一步拉平。存款利率下行趋势 在进入 ...

Core Viewpoint - The People's Bank of China has decided to increase the quota for agricultural and small enterprise re-loans by 500 billion yuan to enhance financial support for small and micro enterprises [1] Group 1: Financial Support Measures - The re-loan quota for agricultural and small enterprises will be integrated with the rediscount quota for more effective utilization [1] - A new re-loan quota of 1 trillion yuan will be established specifically for private enterprises, aimed at encouraging local financial institutions to focus on supporting private small and micro enterprises [1] - The terms, interest rates, and disbursement methods for the private enterprise re-loan will be consistent with the existing agricultural and small enterprise re-loan policies [1]

本报讯 记者余嘉欣 孙榕报道 1月15日，国家金融监督管理总局召开2026年监管工作会议，深入贯 彻党中央、国务院决策部署，系统总结2025年工作，统筹安排2026年重点任务。金融监管总局党委书 记、局长李云泽出席会议并讲话，总局党委班子成员出席会议。 会议指出，2025年，金融监管总局系统上下紧紧围绕防风险、强监管、促高质量发展工作主线，迎 难而上、真抓实干，牢牢守住不发生系统性金融风险的底线，各项工作取得积极进展。一是坚定不移推 进全面从严治党。严格落实"第一议题"制度。深入学习宣传贯彻党的二十届四中全会精神。从严从实推 进中央巡视整改。扎实开展深入贯彻中央八项规定精神学习教育。二是有力有序防范化解重点风险。中 小金融机构改革化险取得重大进展。城市房地产融资协调机制扩围增效。积极支持融资平台经营性金融 债务接续置换重组。防非打非工作机制实现省市县三级全覆盖。三是强监管严监管氛围逐步形成。金融 监管法制加快健全。严厉惩治违法违规行为。会同公安等部门坚决打击金融领域"黑灰产"。四是综合施 策引领行业改革转型。持续推进保险业"报行合一"和预定利率调整，加力推动银行业提质增效。支持金 融机构多渠道补充资本。五是精 ...

Core Viewpoint - The National Foreign Exchange Administration (NFA) has made significant progress in enhancing the quality and efficiency of foreign exchange services for the real economy, with a focus on supporting stable foreign trade development, deepening cross-border investment and financing reforms, and promoting the construction of free trade pilot zones [2][3]. Group 1: Achievements in Foreign Exchange Management - In the past year, the NFA implemented 28 measures across three comprehensive policy packages, resulting in over $220 billion in facilitated transactions [2]. - The number of banks participating in foreign exchange business reforms increased from 16 at the end of 2024 to 30, covering major banks handling cross-border transactions [2]. - The total cross-border income and expenditure for enterprises and individuals is projected to reach $15.6 trillion in 2025, a nearly 10% increase from 2024 [3]. Group 2: Currency Risk Management - Companies' awareness and capability in managing currency risk have improved, with the scale of using foreign exchange derivatives exceeding $1.9 trillion in 2025, nearly doubling since 2020 [4]. - The foreign exchange hedging ratio for enterprises increased by 8 percentage points to 30% compared to 2020 [4]. Group 3: Future Outlook for Foreign Exchange Market - The foreign exchange market is expected to operate steadily in 2026, with cross-border capital flows remaining orderly and resilient [5]. - The NFA plans to enhance monitoring of cross-border capital flows and improve macro-prudential management to maintain stability in the foreign exchange market [5]. Group 4: Continued Reform and Opening-up - The NFA aims to deepen foreign exchange facilitation reforms and enhance the openness of the foreign exchange sector, supporting win-win cooperation [7][8]. - Policies will be introduced to better support enterprises in going global and developing foreign trade, including the management of cross-border capital operations for multinational companies [8][10]. Group 5: Enhancing Financial Services - The NFA will continue to optimize trade foreign exchange business management and support the development of new trade formats such as cross-border e-commerce [7]. - There will be a focus on promoting digital services and improving the efficiency of foreign exchange management to support high-quality development of the real economy [10].

在1月15日国务院新闻办公室举行的新闻发布会上，中国人民银行新闻发言人、副行长邹澜表示， 根据当前经济金融形势需要，中国人民银行将先行推出两方面政策措施，具体包括八项举措。 "这是贯彻落实中央经济工作会议'灵活高效运用降准降息等多种政策工具'要求的具体举措，也是 货币政策适度宽松的重要体现，具有多方面积极意义。"招联首席研究员董希淼对《金融时报》记者表 示。 发布八项重磅举措 二是将支农支小再贷款与再贴现打通使用，增加额度，并单设民营企业再贷款。合并使用支农支小 再贷款与再贴现额度，增加支农支小再贷款额度5000亿元，总额度中单设一项民营企业再贷款，额度1 万亿元，重点支持中小民营企业。 三是增加科技创新和技术改造再贷款额度并扩大支持范围。将科技创新和技术改造再贷款额度从 8000亿元，增加4000亿元至1.2万亿元，并将研发投入水平较高的民营中小企业等纳入支持领域。 四是合并设立科技创新与民营企业债券风险分担工具。将此前已经设立的民营企业债券融资支持工 具、科技创新债券风险分担工具合并管理，合计提供再贷款额度2000亿元。 五是拓展碳减排支持工具的支持领域。纳入节能改造、绿色升级、能源绿色低碳转型等更多具有 ...

记者：余嘉欣 来源：金融时报客户端 设计：原健凇 策划：赵洋 贾云洁 ...

Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2025, resulting in significant support for the real economy and a notable increase in social financing and loan balances [1][2]. Group 1: Financial Growth and Policy Coordination - By the end of 2025, the total social financing stock reached 442.12 trillion yuan, growing by 8.3% year-on-year, while the balance of RMB loans to the real economy was 268.4 trillion yuan, up 6.3% [1][2]. - The PBOC utilized various monetary policy tools to maintain ample liquidity, effectively meeting the financing needs of the real economy [2]. - The issuance of government bonds accelerated, contributing significantly to the social financing scale, with a total issuance of 16 trillion yuan in 2025 [3]. Group 2: Financing Structure and Support - The structure of financing has diversified, with local governments issuing 4 trillion yuan in special refinancing bonds, primarily to repay bank loans, impacting loan growth by over 1 percentage point [4]. - In 2025, the net financing from government bonds was 13.84 trillion yuan, and direct financing accounted for 46.9% of the total social financing increment [4]. - Loans to enterprises increased by 15.47 trillion yuan, with significant growth in medium- and long-term loans, indicating strong financial support for the real economy [5]. Group 3: Financial "Five Articles" and Cost Reduction - The balance of loans in the financial "Five Articles" reached 107.7 trillion yuan by the end of November 2025, growing by 12.8% [6]. - The financing costs in the financial "Five Articles" have decreased, with new loan rates for technology and digital economy sectors lower than the previous year [7]. - The PBOC plans to continue promoting low financing costs and optimize the financing environment by enhancing transparency in loan costs [10]. Group 4: Future Monetary Policy Directions - The PBOC aims to maintain a moderately accommodative monetary policy in 2026, focusing on the integrated effects of existing and new policies to support economic stability and high-quality development [8][9]. - There is still room for further reductions in reserve requirements and interest rates, with the current average reserve requirement ratio at 6.3% [9]. - The emphasis will be on improving the efficiency of existing policies rather than simply increasing them, with a focus on directing financial resources towards technology innovation and green development [10].

Core Viewpoint - The Shanghai Stock Exchange has raised concerns regarding Tianpu Co., Ltd.'s recent board reshuffle and management changes, questioning the company's previous commitments about its main business operations and the implications of these changes on its governance and independence [2][5][6] Group 1: Board Reshuffle and Management Changes - Tianpu Co., Ltd. held a temporary shareholders' meeting on January 14, 2026, to elect a new board of directors, appointing Yang Gongyifan as chairman and several other executives from Zhonghao Xinying, indicating a significant shift in management [2][3] - The new board's composition, heavily influenced by Zhonghao Xinying, contradicts earlier statements made by Tianpu regarding its business plans and management structure, raising regulatory concerns [3][4] Group 2: Regulatory Concerns and Investigations - The Shanghai Stock Exchange issued an inquiry letter to Tianpu, demanding explanations regarding the qualifications of the new management team and the alignment of their roles with the company's business strategy [5][6] - Tianpu has faced scrutiny for previous inaccuracies in its disclosures related to stock trading fluctuations, leading to regulatory warnings and an ongoing investigation by the China Securities Regulatory Commission [2][7] Group 3: Market Reaction and Stock Performance - Following the announcement of the management changes, Tianpu's stock price experienced significant volatility, including a drop to the daily limit shortly after the market opened on January 15, 2026 [2][7] - The stock had previously surged nearly 720% from August 22 to December 30, 2025, amid speculation about its association with AI business, but has since faced a dramatic decline post-restructuring [3][7]

分借款主体看，企（事）业单位贷款是信贷增长主体。2025年，企（事）业单位贷款增加15.47万亿 元，其中中长期贷款增加8.82万亿元，是企（事）业单位贷款增加的主要构成，表明金融持续为实体经 济提供稳定的资金来源。住户贷款增加4417亿元，经营贷款增长9380亿元，体现了金融机构持续加强对 个体工商户和小微企业主生产经营活动的支持力度。 闫先东表示，2025年以来，人民银行实施适度宽松货币政策，强化逆周期调节，综合运用多种货币政策 工具组合，服务实体经济高质量发展。从效果上看，2025年货币信贷呈现"总量增长，结构优化"的特 征。 信贷总量保持平稳增长。2025年末，金融机构人民币各项贷款余额271.91万亿元，同比增长6.4%；如果 还原地方专项债置换对贷款的影响，增速在7%左右。全年人民币各项贷款新增16.27万亿元，显示金融 体系对实体经济的信贷支持保持在较高水平。从结构上看，主要有以下特点： 1月15日，央行发布最新金融数据。2025年信贷总量和结构有何特点？其中金融"五篇大文章"领域融资 情况如何？对于2026年信贷增长有何预期？ 当天，在国务院新闻办公室举行的新闻发布会上，中国人民银行调查统计司 ...