平安证券首席经济学家：央行三季度货币政策执行报告释放多个积极信号

Core Viewpoint - The People's Bank of China (PBOC) has released the "Monetary Policy Implementation Report for the Third Quarter of 2025," indicating multiple adjustments in policy expression, regulatory focus, and framework transformation, reflecting a precise grasp of the current economic and financial situation and clarifying future policy directions [1] Group 1: Monetary Policy Transmission Efficiency - The core expression of monetary policy shifted from "strengthening counter-cyclical adjustment" in the second quarter to "maintaining ample liquidity" in the third quarter, with market liquidity remaining reasonably abundant despite no reserve requirement ratio (RRR) or interest rate cuts [2] - The interbank money market rate DR001 has remained stable around the policy rate, while DR007 has operated at a level 10 basis points above the policy rate, indicating effective regulatory outcomes [2] - The report shows enhanced confidence and determination in monetary policy, emphasizing a stable and relatively loose environment while reducing the urgency of short-term counter-cyclical adjustments [2] Group 2: Transformation of Monetary Policy Framework - The report emphasizes maintaining exchange rate flexibility, strengthening expectation guidance, and preventing excessive exchange rate fluctuations, with an accelerated pace for the internationalization of the Renminbi and capital account convertibility [3] - Key highlights of the monetary policy framework transformation include optimizing intermediate variables, transitioning to a price-based regulatory framework, and enhancing the linkage between asset and liability interest rates for banks [3] Group 3: Structural Measures - The report introduces three new structural measures aimed at addressing developmental shortcomings: optimizing carbon reduction support tools, improving financial support mechanisms for post-poverty alleviation, and researching personal credit repair support policies to unlock consumer potential [4] - These measures reflect a targeted approach in structural monetary policy tools to address key areas and weaknesses in the economy [4]