央行最新报告显示：货币政策逆周期调节效果逐步显现

Core Viewpoint - The People's Bank of China (PBOC) has reported that the moderately accommodative monetary policy has been effective this year, with counter-cyclical adjustments showing gradual results [1] Group 1: Monetary Policy and Financial Growth - The total financial volume has seen reasonable growth, with the social financing scale stock and broad money supply (M2) increasing by 8.7% and 8.4% year-on-year as of the end of September [1] - The balance of RMB loans reached 270.4 trillion yuan [1] - Social financing costs remain low, with new corporate loans and personal housing loan rates decreasing by approximately 40 basis points and 25 basis points year-on-year in September [1] Group 2: Credit Structure and Support for Key Areas - The credit structure is continuously optimizing, effectively supporting key areas, major strategies, and the transformation and upgrading of the economic structure [1] - As of the end of September, technology loans, green loans, inclusive loans, elderly care industry loans, and digital economy industry loans grew by 11.8%, 22.9%, 11.2%, 58.2%, and 12.9% year-on-year, all exceeding the overall loan growth rate [1] Group 3: Future Directions and Policy Goals - The PBOC plans to deepen financial reforms and enhance high-level opening-up, aiming to build a strong financial nation and improve the central bank system [1] - The focus will be on constructing a scientific and robust monetary policy system and a comprehensive macro-prudential management system, ensuring smooth monetary policy transmission [1] - The PBOC aims to balance short-term and long-term goals, stabilize growth while preventing risks, and support the real economy while maintaining the health of the banking system [1]