央行：继续实施好适度宽松的货币政策

Core Viewpoint - The article emphasizes the implementation of a moderately loose monetary policy in China, aimed at supporting stable economic growth and addressing challenges in the current external environment while ensuring financial stability [1][4]. Group 1: Monetary Policy Implementation - The People's Bank of China (PBOC) has adopted a series of monetary policies to maintain reasonable growth in money and credit, ensuring liquidity is abundant to meet the effective credit demand of the real economy [1][6]. - The PBOC has reduced policy interest rates and housing provident fund loan rates to lower the overall financing costs in society, thereby supporting economic stability [2][6]. - The total social financing scale and broad money supply (M2) grew by 8.3% and 8.5% year-on-year, respectively, significantly outpacing the nominal GDP growth rate [3]. Group 2: Support for Key Areas - The PBOC has increased the quotas for re-loans to support technological innovation and agricultural financing by 300 billion yuan each, and created 500 billion yuan for consumer services and elderly care loans [2]. - Financial support for key sectors has been enhanced, with significant year-on-year growth in loans for technology (11.5%), green projects (20.2%), and the elderly care industry (50.5%) [3]. Group 3: Financial Stability and Risk Management - The PBOC has established a macro-prudential and financial stability committee to improve the management and stability of the financial system, focusing on risk resolution in key institutions and regions [2][5]. - The Chinese yuan has maintained basic stability against the US dollar, with a closing exchange rate of 6.9890 yuan at the end of 2025, appreciating by 4.4% compared to the end of 2024 [3]. Group 4: Future Outlook - The PBOC will continue to implement a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery, while adjusting policies based on domestic and international economic conditions [6]. - The emphasis will be on balancing short-term and long-term goals, supporting the real economy, and maintaining the health of the banking system [5][6].