央行最新发声！涉及货币政策框架｜政策与监管

Core Viewpoint - The article discusses the achievements and progress of China's monetary policy during the "14th Five-Year Plan" period, highlighting the effectiveness of the People's Bank of China (PBOC) in supporting economic recovery and financial stability through various monetary policy tools and reforms [3][4][5]. Group 1: Monetary Policy Framework and Achievements - The PBOC has established a modern monetary policy framework that effectively implements and transmits policies, contributing to the successful completion of the "14th Five-Year" economic and social development goals [4][5]. - Since the beginning of the "14th Five-Year" period, the PBOC has reduced the reserve requirement ratio (RRR) nine times, lowering it by 3.5 percentage points, which has released approximately 7 trillion yuan in long-term liquidity [5][6]. - The overall growth of financial metrics has been reasonable, with the annual growth rate of social financing scale and broad money supply (M2) around 9%-10%, significantly higher than the nominal economic growth rate of 6%-7% [6][7]. Group 2: Structural Monetary Policy Tools - The PBOC has improved the structural monetary policy tool system, focusing on key areas such as technological innovation, green development, and consumer services, ensuring comprehensive coverage of financial services [6][7]. - The interest rates for new corporate loans and personal housing loans were approximately 3.1% in August 2025, down by about 1.5 and 2.3 percentage points, respectively, compared to the end of 2020 [6][7]. Group 3: Interest Rate Marketization - The PBOC has deepened interest rate marketization reforms, establishing a price-based monetary policy adjustment mechanism, which has led to a more refined market interest rate control mechanism [8][9]. - The establishment of a market-based adjustment mechanism for deposit rates and the cancellation of the nationwide lower limit for personal housing loan rates have contributed to the marketization of commercial loan rates [8][9]. - Since the beginning of the "14th Five-Year" period, the PBOC has cumulatively lowered the policy interest rate by 0.8 percentage points, leading to significant reductions in the loan prime rate (LPR) for both one-year and five-year terms [9]. Group 4: Exchange Rate Stability - The PBOC has maintained a stable RMB exchange rate, allowing it to implement independent monetary policy and stabilize financial markets, with the RMB exchange rate showing resilience and dynamic equilibrium [10][11]. - The PBOC has emphasized a managed floating exchange rate system, preventing excessive fluctuations and reinforcing the market's role in determining the exchange rate [10][11]. Group 5: Expectations Management - The PBOC has focused on improving communication and expectations management regarding monetary policy, enhancing transparency and understanding of policy measures [12][13]. - Various channels have been utilized for effective communication, including press conferences, regular financial data releases, and public education on monetary policy [12][13][14].