央行重磅发布

Core Viewpoint - The People's Bank of China (PBOC) released the "China Financial Stability Report (2025)", indicating that the overall operation of the financial sector is stable, with financial risks under control and key indicators within reasonable ranges [2]. Group 1: Interest Rate Marketization Reform - The PBOC is advancing interest rate marketization reform with the goals of "letting go, shaping, and adjusting" [4]. - The "letting go" goal has been largely achieved, with administrative controls on interest rates lifted and a market-based interest rate system established [4]. - Challenges remain in "shaping" and "adjusting", as loan rates have decreased more than policy rates, while deposit rates have not fallen as much, impacting banks' net interest margins and profitability [4]. Group 2: High-Quality Development and Market Value Management of Listed Companies - The China Securities Regulatory Commission (CSRC) has introduced a market value management system to guide listed companies in enhancing quality and market value [6]. - Future actions include regular visits to listed companies to address challenges, enhancing regulatory measures against financial fraud, and ensuring companies take responsibility for their market value management [6][7]. - Increased regulatory efforts will focus on preventing market risks and protecting investor rights [6]. Group 3: Promoting Long-Term Investment - The report emphasizes the importance of attracting long-term funds into the market to support stable capital market development and better serve the real economy [7]. - Various departments will collaborate to create a favorable policy environment for long-term investments, aiming to increase the scale and proportion of long-term funds invested in A-shares [8]. Group 4: Real Estate Market Stability - The report highlights the ongoing urbanization in China as a foundation for the long-term stability of the real estate market [9]. - The PBOC will monitor changes in the real estate market and financial conditions, ensuring the implementation of financial policies to support stable development [9]. Group 5: Overall Economic Strategy - The financial system will adhere to a stable yet progressive approach, implementing proactive macro policies and enhancing counter-cyclical adjustments to mitigate risks in key areas [11]. - The focus will be on promoting stable economic growth and maintaining reasonable price levels while ensuring liquidity and managing exchange rate stability [11].