基础货币≠货币，发放贷款并不是商业银行货币派生的唯一途径！

Core Viewpoint - The People's Bank of China (PBOC) released the "Monetary Policy Implementation Report for the Third Quarter of 2025," highlighting the relationship between base money and broader money supply, emphasizing that base money is the source of money creation and affects the banking system's asset-liability activities [1] Group 1: Base Money and Broad Money - Base money, also known as "high-powered money," is a liability of the central bank and includes cash in circulation, required reserves, and excess reserves held by commercial banks [1] - As of the end of Q3 2025, China's base money balance reached 38.6 trillion yuan, while the broad money supply (M2) exceeded 335 trillion yuan [1] Group 2: Money Creation Process - The money creation process involves the central bank, commercial banks, and the real economy, where commercial banks derive deposits through asset expansion, forming broad money [2] - The ability of commercial banks to create money is fundamentally influenced by the effective financing demand from the real economy [2] Group 3: Diversification of Financing Channels - The traditional reliance on bank loans for money creation is evolving, with commercial banks increasingly engaging in direct financing through bond purchases, which also generates deposits [3] - The proportion of bank loans in total bank assets remains around 60%, while the share of bonds has increased from approximately 20% at the end of 2019 to about 25% currently [4] Group 4: Structural Changes in Financing - The rapid development of direct financing and changes in the financing structure are leading to a more diversified money creation channel for banks [4] - The PBOC is innovating its base money injection methods and utilizing structural monetary policy tools to guide financial institutions in optimizing credit allocation [4] Group 5: Future Monetary Policy Directions - The development of the financial market and changes in financing structure will have profound impacts on the total money supply and financial regulation [5] - There is a need to continue transforming the monetary policy framework to emphasize price-based regulation and deepen interest rate marketization reforms [5]