货币金融政策支持实体经济有力有效

Group 1 - The People's Bank of China (PBOC) reported that the total social financing scale for 2025 is projected to reach 35.6 trillion yuan, an increase of 3.34 trillion yuan compared to 2024 [1] - By the end of December 2025, the balance of RMB loans is expected to be 271.91 trillion yuan, reflecting a year-on-year growth of 6.4% [1] - The PBOC plans to continue implementing a moderately accommodative monetary policy in 2026, enhancing counter-cyclical and cross-cyclical adjustments to support economic growth [1] Group 2 - The PBOC will introduce two main policy measures: a 0.25 percentage point reduction in various structural monetary policy tool rates, and improvements to structural tools to support economic transformation [2] - The current average statutory deposit reserve ratio is 6.3%, indicating room for further reserve requirement ratio cuts [2] - The PBOC has noted that the net interest margin of banks has stabilized at 1.42% for two consecutive quarters, providing a basis for potential interest rate cuts [2] Group 3 - In 2025, the foreign exchange market in China saw significant developments, with a trading volume of 42.6 trillion USD and a corporate foreign exchange hedging ratio reaching 30%, both historical highs [3] - The State Administration of Foreign Exchange (SAFE) implemented 28 measures to support stable foreign trade development and enhance cross-border investment and financing reforms [3] - The total cross-border income and expenditure for enterprises and individuals reached 15.6 trillion USD in 2025, marking a nearly 10% increase from 2024 [3] Group 4 - The SAFE will continue to strengthen monitoring of cross-border capital flows and enhance the resilience of the foreign exchange market [4] - The PBOC maintains a clear and consistent exchange rate policy, emphasizing the market's decisive role in exchange rate formation [4]