货币政策框架转型稳步推进 为高质量发展提供有力支撑 《金融时报》记者专访中国人民银行货币政策司负责人

Core Viewpoint - The People's Bank of China (PBOC) has established a modern monetary policy framework that effectively supports the economic and social development goals outlined in the 14th Five-Year Plan, with a focus on maintaining a supportive monetary policy stance [1][2]. Group 1: Monetary Policy Tools and Implementation - The PBOC has implemented a total of 9 reserve requirement ratio (RRR) cuts since the beginning of the 14th Five-Year Plan, reducing the RRR by 3.5 percentage points and releasing approximately 7 trillion yuan in long-term liquidity [2][3]. - A variety of monetary policy tools have been employed to maintain ample liquidity, including open market operations and reverse repos, while also enhancing the structure of monetary policy tools to support key sectors such as technology innovation and green development [2][3]. Group 2: Financial Metrics and Outcomes - During the 14th Five-Year period, the growth rate of social financing and broad money supply (M2) has been maintained at around 9% to 10%, significantly higher than the nominal economic growth rate of 6% to 7% [3]. - The cost of financing has decreased, with new corporate loans and personal mortgage rates around 3.1% as of August 2025, down by approximately 1.5 and 2.3 percentage points from the end of 2020, respectively [3][5]. Group 3: Interest Rate Marketization - The PBOC has made significant progress in establishing a market-oriented interest rate adjustment mechanism, including the clarification of the 7-day reverse repo rate as the policy rate and the removal of the lower limit on personal housing loan rates [4][5]. - The implementation of a deposit rate marketization mechanism has led to a more flexible interest rate environment, with the LPR for 1-year and 5-year loans decreasing by 0.85 and 1.15 percentage points, respectively, since the start of the 14th Five-Year Plan [5]. Group 4: Exchange Rate Stability - The PBOC has maintained a stable RMB exchange rate through a managed floating exchange rate system, with the RMB's annualized volatility averaging around 4% [6][7]. - Efforts to enhance the resilience of the foreign exchange market have included promoting risk-neutral concepts among enterprises and financial institutions, resulting in an increase in the foreign exchange hedging ratio from 17% in 2020 to approximately 30% in September 2025 [6][7]. Group 5: Communication and Expectation Management - The PBOC has strengthened its communication mechanisms to manage market expectations effectively, including regular policy announcements and financial data releases to enhance transparency and understanding of monetary policy [8]. - The central bank has also engaged in international forums to promote understanding of China's macroeconomic and financial conditions, thereby boosting confidence among international investors [8].