央行发布《2025年第三季度中国货币政策执行报告》 保持货币政策适度宽松 扩大消费领域金融供给

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the foundation and support for achieving the annual economic targets, proposing a moderately accommodative monetary policy to stimulate consumption and support credit repair for individuals [1][2]. Monetary Policy - The PBOC plans to implement a moderately accommodative monetary policy, maintaining relatively loose social financing conditions to support economic growth [1][2]. - The report highlights the importance of using various monetary policy tools to ensure ample liquidity in the financial system [2]. Economic Analysis - The report analyzes both internal and external economic conditions, noting insufficient global economic growth momentum and ongoing inflation uncertainties [2]. - It asserts that China's economy is progressing steadily, with a solid foundation for achieving annual targets, and emphasizes the positive impact of macroeconomic policies on reasonable price recovery [2]. Financial Support for Consumption - The PBOC aims to enhance financial support to boost and expand consumption, including measures to assist personal credit repair and explore consumption potential [3]. - There is a focus on improving the financing environment for small and medium-sized enterprises (SMEs) and private businesses [3]. Currency and Exchange Rate Management - The report stresses the need to prevent excessive fluctuations in the exchange rate, aiming to maintain the RMB at a reasonable and balanced level [3]. - It also highlights the intention to expand the use of RMB in cross-border trade and investment, enhancing international monetary cooperation [3].