央行：金融总量合理增长，社会融资成本处于低位

Core Viewpoint - The People's Bank of China has implemented a moderately accommodative monetary policy in 2023, maintaining ample liquidity to support economic recovery and stabilize financial markets [1] Group 1: Monetary Policy Implementation - The central bank has utilized various monetary policy tools, including open market operations and medium-term lending facilities, to ensure reasonable growth in money and credit [2] - A market-oriented interest rate adjustment framework has been established to lower overall financing costs, leading to a decrease in both deposit and loan rates [2] - The central bank is focusing on optimizing the credit structure by utilizing specific loan quotas for consumption, elderly care, and technological innovation [2] Group 2: Economic Indicators - As 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 [3] - New corporate loans and personal housing loan rates decreased by approximately 40 and 25 basis points year-on-year, indicating a low financing cost environment [3] - The RMB exchange rate has remained stable, with a 1.2% appreciation against the US dollar compared to the end of the previous year [3] Group 3: Risk Management - The central bank is actively working to mitigate financial risks in key areas and is enhancing its financial risk monitoring and assessment systems [2]