中国人民银行：实施好适度宽松的货币政策 保持社会融资条件相对宽松

Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2023, creating a favorable financial environment for economic recovery and market stability [1][2]. Group 1: Monetary Policy Implementation - The PBOC has utilized various monetary policy tools to maintain ample liquidity, with social financing and M2 growth rates at 8.7% and 8.4% year-on-year as of September [1]. - The balance of RMB loans reached 270.4 trillion yuan, with new corporate and personal housing loan rates decreasing by approximately 40 basis points and 25 basis points year-on-year, respectively [1]. - The RMB exchange rate has remained stable, appreciating by 1.2% against the USD compared to the end of the previous year [1]. Group 2: Economic Outlook and Challenges - The report highlights significant external uncertainties and challenges to the international economic order, with a need to strengthen the foundation for domestic economic recovery [2]. - Despite these challenges, China's economic fundamentals remain strong, with a call for strategic determination and confidence in achieving modernization goals [2]. Group 3: Future Monetary Policy Directions - The PBOC aims to maintain a balance between short-term and long-term goals, focusing on steady growth while managing risks and ensuring the health of the banking system [2][3]. - The central bank plans to enhance the monetary policy framework, ensuring that social financing conditions remain relatively loose and aligned with economic growth and price stability [3]. - There is an emphasis on supporting key areas such as technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade through targeted monetary policy tools [3].