央行：强化宏观政策取向一致性 做好逆周期和跨周期调节

Core Insights - The People's Bank of China (PBOC) released the monetary policy implementation report for Q3 2025, highlighting the challenges posed by external uncertainties and the need for stronger domestic economic recovery [1] Group 1: Economic Environment - The global economic landscape is facing significant challenges, with insufficient growth momentum and a divided performance among major economies [1] - China's economy continues to encounter risks and challenges, necessitating efforts to solidify the foundation for domestic economic recovery [1] Group 2: Policy Direction - The PBOC emphasizes the importance of maintaining strategic determination and confidence in achieving breakthroughs in tasks related to Chinese-style modernization [1] - Future monetary policy will be guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era, focusing on the implementation of the 20th National Congress and other key meetings [1] Group 3: Financial Strategy - The PBOC aims to deepen financial reform and promote high-level opening-up, striving to build a strong financial nation and improve the central bank's system [1] - A comprehensive monetary policy framework and macro-prudential management system will be established to enhance the transmission mechanism of monetary policy [1] Group 4: Balancing Objectives - The PBOC will balance short-term and long-term goals, growth support and risk prevention, as well as internal and external equilibrium [1] - Emphasis will be placed on consistent macro policy orientation and effective governance to sustain growth, employment, and expectations [1]