央行：实施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) has released its monetary policy execution report for Q3 2025, highlighting the resilience and vitality of the national economy, with a GDP growth of 5.2% year-on-year in the first three quarters of the year. The PBOC is implementing a moderately accommodative monetary policy to support economic recovery and stabilize financial markets. Group 1: Monetary Policy Implementation - The PBOC is maintaining reasonable growth in monetary credit by utilizing various tools such as open market operations and medium-term lending facilities to ensure ample liquidity [1][2] - The central bank aims to reduce the overall financing costs in society by improving the market-based interest rate adjustment framework, leading to a decline in both deposit and loan rates [1][2] - The PBOC is optimizing the credit structure by utilizing 500 billion yuan for consumer services and elderly care loans, as well as increasing the loan quotas for technological innovation and transformation [1][2] Group 2: Financial Stability and Risk Management - The PBOC is focused on maintaining basic stability in the exchange rate, leveraging the market's role in exchange rate formation and ensuring the stability of the RMB against the USD [2][4] - The central bank is enhancing risk prevention and resolution measures, continuously improving the financial risk monitoring and early warning systems [2][3] - As of the end of September, the total social financing stock and broad money supply (M2) grew by 8.7% and 8.4% year-on-year, respectively, with the RMB loan balance reaching 270.4 trillion yuan [2][3] Group 3: Future Outlook and Strategic Goals - Despite external uncertainties and challenges, the PBOC emphasizes the strong foundation and potential of the Chinese economy, aiming to maintain strategic determination and confidence in achieving significant breakthroughs in modernization [3][4] - The PBOC plans to deepen financial reforms and high-level opening-up, enhance the central bank's system, and establish a robust monetary policy framework [3][4] - The central bank will balance short-term and long-term goals, ensuring consistent macro policy orientation to support economic growth, employment stability, and market expectations [3][4]