宏观专题：货币政策工具种类及其应用梳理

Monetary Policy Tools - The People's Bank of China (PBOC) has implemented various monetary policy tools to achieve its objectives, including open market operations, reserve requirement ratios, and medium-term lending facilities (MLF) [42] - In 2023, the PBOC conducted 12 MLF operations, with a total balance of 70,750 billion yuan by the end of the year, and the MLF interest rate was maintained at 2.50% [45] - The reserve requirement ratio was reduced by 0.25 percentage points in March and September 2023, and by 0.5 percentage points in February 2024, providing approximately 1 trillion yuan in long-term liquidity [47] Market Impact - The 1-year Loan Prime Rate (LPR) remained at 3.45%, while the 5-year LPR was reduced by 25 basis points to 3.95% in February 2024, aimed at promoting investment and domestic demand [61] - The PBOC's open market operations saw significant net injections, with a net injection of 13,400 billion yuan in the week ending January 21, 2024 [61] - The PSL (Pledged Supplemental Lending) balance increased by 3,500 billion yuan in December 2023 and by 1,500 billion yuan in January 2024, indicating a strong focus on supporting key economic sectors [61] Structural Policy Tools - Structural monetary policy tools, such as targeted lending facilities, are designed to provide financial support to specific sectors, including agriculture and small enterprises [22] - The PSL has been a significant tool for long-term financing, with total disbursements exceeding 3.6 trillion yuan from 2014 to 2019, and approximately 630 billion yuan in 2022 [26] Economic Context - The PBOC's monetary policy aims to stabilize expectations, support economic recovery, and maintain reasonable liquidity levels in the financial system [37] - The implementation of monetary policy is influenced by fiscal, industrial, and regulatory policies, highlighting the need for a coordinated approach to economic management [22]