央行报告：推动利率“形得成”“调得了”

Core Insights - The People's Bank of China (PBOC) aims to deepen interest rate marketization reforms to enhance the self-discipline mechanism of interest rates, promoting both the formation and adjustment of rates [1] - The overall operation of China's financial industry is stable, with financial risks being generally controllable and key operational indicators within reasonable ranges [1][2] Financial Institution Ratings - In the first half of 2025, the PBOC conducted ratings for 3,529 banking institutions, including 21 national banks and 3,508 local banks, indicating a robust overall performance of these institutions [1] - Ratings are categorized into 11 levels, with levels 1 to 7 (green and yellow zones) representing safe institutions, while levels 8 to D (red zone) indicate higher risk [1][2] - A total of 3,217 banks received ratings from 1 to 7, accounting for 98% of the total assets of the rated banks, while 312 banks fell into the red zone with a total asset scale of 9.4 trillion yuan, representing 2.1% [2] Market and Risk Management - The report emphasizes the importance of market forces in exchange rate formation, advocating for exchange rate flexibility and the prevention of excessive fluctuations [2] - The PBOC plans to enhance macro-prudential management systems to monitor and assess systemic financial risks, focusing on key areas to mitigate risks effectively [2] - The report highlights the commitment to support major national strategies and economic development through the promotion of various financial sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance [2]