央行：实施好适度宽松的货币政策，保持流动性充裕

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately loose monetary policy to support economic recovery and maintain financial market stability, with GDP growth of 5.2% year-on-year in the first three quarters of the year [1][2]. Group 1: Monetary Policy Implementation - The PBOC has adopted a range of monetary policy tools to ensure ample liquidity, with social financing scale and broad money supply (M2) growing by 8.7% and 8.4% year-on-year respectively as of September [2]. - The interest rates for new corporate loans and personal housing loans decreased by approximately 40 basis points and 25 basis points year-on-year in September, indicating a favorable credit environment [2]. - The PBOC aims to maintain a stable RMB exchange rate, with the RMB appreciating by 1.2% against the USD compared to the end of the previous year [2]. Group 2: Economic Challenges and Strategic Focus - The PBOC acknowledges external uncertainties and challenges in the international economic landscape, while highlighting the resilience and potential of the domestic economy [3]. - The bank plans to enhance macroeconomic governance effectiveness and maintain a balance between short-term and long-term goals, supporting real economic growth while managing risks [3]. Group 3: Future Monetary Policy Directions - The PBOC will continue to implement a moderately loose monetary policy, ensuring that social financing conditions remain relatively relaxed and aligning money supply growth with economic growth and price level expectations [4]. - The bank will focus on reducing overall financing costs and optimizing credit structures, with specific measures to support consumption, technological innovation, and small enterprises [4]. - The PBOC will maintain the stability of the RMB exchange rate through a managed floating exchange rate system, while also enhancing financial risk monitoring and prevention mechanisms [4].