央行发布最新货币政策执行报告

Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2023, ensuring ample liquidity and creating a favorable monetary environment for economic recovery and financial market stability [1][2] Summary by Relevant Sections Monetary Policy Implementation - The PBOC has utilized various monetary policy tools, including open market operations, medium-term lending facilities, and re-lending, to maintain sufficient liquidity and support the effective credit demand of the real economy [1] - The report emphasizes the importance of improving the efficiency of fund utilization and enhancing the quality of services provided to the real economy [1] Financing Costs and Interest Rates - A market-oriented interest rate adjustment framework has been established to lower the overall financing costs in society, with new corporate and personal housing loan rates decreasing by approximately 40 and 25 basis points year-on-year, respectively [2] - The broad money supply (M2) increased by 8.4% year-on-year as of the end of September, indicating a reasonable growth in financial volume [2] Credit Structure Optimization - The PBOC has allocated 500 billion yuan for re-lending to support consumption and elderly care, along with additional funds for technological innovation and transformation [1] - The report highlights the ongoing optimization of the credit structure, with a focus on boosting consumption and technological innovation [1][2] Exchange Rate Stability - The PBOC aims to maintain basic stability of the exchange rate, allowing the market to play a decisive role in its formation while ensuring that the exchange rate serves as a regulator for the macroeconomy and international balance of payments [1] - As of the end of September, the RMB appreciated by 1.2% against the US dollar compared to the end of the previous year [2] Risk Prevention and Financial Stability - The PBOC is focused on systematically addressing financial risks in key areas and enhancing the monitoring, assessment, and early warning systems for financial risks [2] - The effectiveness of counter-cyclical monetary policy adjustments is gradually becoming evident, contributing to the overall stability of the financial system [2]