适度宽松的货币政策持续发力

Core Viewpoint - The People's Bank of China (PBOC) has released the monetary policy execution report for Q3 2025, highlighting the effectiveness of counter-cyclical monetary policy measures and outlining future policy directions [1][5]. Group 1: Monetary Policy Implementation - The PBOC has utilized various monetary policy tools to create a conducive financial environment for economic recovery and market stability [1][2]. - The report indicates that the monetary policy has been moderately loose, leading to a rapid growth in financial totals and an optimized credit structure, supporting key areas and strategic economic transformations [2][3]. Group 2: Financial Metrics - 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, while the RMB loan balance reached 270.4 trillion yuan, marking a 6.6% increase [3]. - The report emphasizes that social financing costs remain low, and the credit structure continues to improve [3]. Group 3: Structural Policy Tools - The PBOC has focused on structural monetary policies to enhance financial services for economic adjustments and high-quality development, with significant growth in technology loans (11.8%), green loans (22.9%), and loans for the elderly industry (58.2%) [4]. - The balance of structural monetary policy tools supporting key initiatives reached 3.9 trillion yuan by the end of September [4]. Group 4: Future Policy Directions - The PBOC plans to maintain a moderately loose monetary policy, ensuring that social financing conditions remain relatively relaxed while enhancing the monetary policy framework and transmission mechanisms [5][7]. - The report highlights the importance of promoting reasonable price recovery as a key consideration for monetary policy, alongside efforts to lower overall financing costs [7].