北京商报讯（记者 董晗萱）2月11日，中国人民银行以固定利率、数量招标方式开展了785亿元7天期逆 回购操作，操作利率1.4%。 同时，以固定数量、利率招标、多重价位中标方式开展了4000亿元14天期逆回购操作。Wind数据显 示，当日有750亿元逆回购到期，据此计算，单日净投放4035亿元。 ...

责任编辑：王馨茹 2月11日金融一线消息，2026年2月11日，中国人民银行以固定利率、数量招标方式开展了785亿元7天期 逆回购操作。同时，以固定数量、利率招标、多重价位中标方式开展了4000亿元14天期逆回购操作。 2月11日金融一线消息，2026年2月11日，中国人民银行以固定利率、数量招标方式开展了785亿元7天期 逆回购操作。同时，以固定数量、利率招标、多重价位中标方式开展了4000亿元14天期逆回购操作。 责任编辑：王馨茹 ...

【环球网财经综合报道】中国人民银行日前发布《2025年第四季度中国货币政策执行报告》指出，下阶段将继续实施 好适度宽松的货币政策，发挥增量政策和存量政策集成效应。灵活高效运用降准降息等多种政策工具，保持流动性充 裕和社会融资条件相对宽松。未来将常态化开展国债买卖操作，关注长期收益率的变化。 值得关注的是，针对市场对银行存款"流失"的担忧，央行分析指出，居民资产配置调整最终会回流到银行体系，并不 意味着流动性状况出现较大变化。 与此同时，人民币对美元的升值在历史上推动了中国股市的回报，其中周期性、成长型股票的表现优于防御型股票。 但由于大宗商品和金属价格上涨导致输入成本增加，部分周期性、成长型龙头企业能够通过成本转嫁或提价来应对， 而其他行业如汽车、消费电子和家电等，则可能面临利润空间受挤压的风险。 摩根大通近日发文则强调了中国消费市场的上行交易机会。报告认为，尽管消费者变得更为审慎，但他们对高品质产 品的支付意愿强烈，推动了相关领域的增长。这一趋势得益于中国家庭资产负债表的改善和消费观念向更务实、重品 质的转变。 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the continuation of a moderately accommodative monetary policy to support stable economic growth and reasonable price recovery, while monitoring liquidity and financial market changes [1] Group 1: Monetary Policy Implementation - The report highlights the importance of maintaining liquidity in the banking system and using various monetary policy tools to ensure reasonable growth in social financing and money supply, aligning with economic growth and price expectations [1] - Experts suggest that the cumulative effects of the moderately accommodative monetary policy will continue to manifest, with both incremental and stock policies working together to support stable economic growth and reasonable price recovery [1] Group 2: Support for Economic Structure Transformation - The report includes measures to optimize financial services to support economic structure transformation, focusing on expanding domestic demand, technological innovation, and support for small and micro enterprises [2] - In January 2026, the PBOC announced policies to lower interest rates on structural monetary policy tools and enhance support for key areas, indicating a comprehensive coverage of financial services for the "Five Major Financial Tasks" [2] Group 3: Financial Support for Consumption and Housing - The report stresses the need to build a robust pension financial system and support the development of the silver economy, while also promoting financial policies to boost service consumption and improve housing finance systems [3] Group 4: Monetary Policy Transmission - The report calls for deepening interest rate marketization reforms and improving the transmission channels of monetary policy, ensuring that short-term market interest rates align with central bank policy rates [4] - It emphasizes the importance of monitoring cross-border capital flows and maintaining the stability of the RMB exchange rate within a reasonable range [4] Group 5: Liquidity Management - Recent statistics indicate that the PBOC has injected a net of 6 trillion yuan into the market through open market operations in 2025, reflecting a relatively loose social financing condition [5] - The adjustment in asset allocation by residents does not imply significant changes in liquidity, as most funds are redirected back into the banking system, indicating a shift in the structure of bank deposits rather than a decrease in overall liquidity [5]

● 本报记者 彭扬 畅通货币政策传导渠道 在把握好利率、汇率内外均衡方面，报告提出，深入推进利率市场化改革，畅通货币政策传导渠道。健 全市场化利率形成、调控和传导机制，发挥中央银行政策利率引导作用。引导短期货币市场利率更好围 绕央行政策利率平稳运行。稳步深化汇率市场化改革，完善以市场供求为基础、参考一篮子货币进行调 节、有管理的浮动汇率制度，坚持市场在汇率形成中起决定性作用，发挥汇率调节宏观经济和国际收支 自动稳定器功能。做好跨境资金流动的监测分析，坚持底线思维，综合施策，增强外汇市场韧性，稳定 市场预期，防范汇率超调风险，保持人民币汇率在合理均衡水平上的基本稳定。 2月10日，中国人民银行发布的2025年第四季度中国货币政策执行报告提出，继续实施好适度宽松的货 币政策，发挥增量政策和存量政策集成效应。把促进经济稳定增长、物价合理回升作为货币政策的重要 考量，根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度、节奏和时机，持续营造 适宜的货币金融环境。 报告还明确，加强对银行体系流动性供求和金融市场变化的分析监测，综合运用多种货币政策工具，保 持流动性充裕。引导银行稳固信贷支持力度，保持金融总量合 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing a moderately loose monetary policy to support stable economic growth and financial market stability in 2025, with a GDP growth target of 5% for the year [1]. Monetary Policy Implementation - In 2025, the PBOC employed various monetary policy tools, including reserve requirement ratios and open market operations, to maintain ample liquidity and support effective credit demand from the real economy [3]. - The PBOC aims to lower the overall financing costs in society by reducing policy interest rates and specific loan rates, thereby enhancing support for key sectors and strategic areas [3]. Financial Indicators - By the end of 2025, 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 [4]. - The new corporate loan and personal housing loan rates were approximately 3.1% in December 2025, indicating a decline in financing costs [4]. - Key loan categories such as technology loans, green loans, and loans for the elderly industry saw significant year-on-year growth rates, with technology loans increasing by 11.5% and loans for the elderly industry by 50.5% [4]. Future Policy Directions - The PBOC plans to continue its moderately loose monetary policy, focusing on promoting stable economic growth and reasonable price recovery while adjusting the implementation of policies based on domestic and international economic conditions [5]. - There will be an emphasis on improving the interest rate adjustment framework and enhancing the transmission mechanism of market interest rates to lower financing costs further [6]. - The PBOC aims to maintain the stability of the RMB exchange rate while expanding financial support for key areas such as domestic demand, technological innovation, and small and micro enterprises [6].

央行介绍，资管产品新增资产主要投向同业存款和存单。固定收益类资产是资管资产配置的主要部分。 2025 年末，80%以上的资管产品投向固定收益类资产，新增资产主要集中于同业存款和存单。 年末资 管产品配置同业存款和存单共计 28.7 万亿元 ， 同比增长 18.9% ，全年累计增加 4.6 万亿元 ， 占资管 各类新增底层资产的五成左右 ， 比重较上年同期提升超过 20 个百分点。 除存款和存单外 ，债券、 股 票及股权、 非标准化债权也是资管产品的重要投向。 2025 年以来 ，债券和非标债权的增长相对稳定， 股票资产随市场情况会有变动。央行 2025 年三季度，居民存款增速高位有所回落 ，各方关注增多， 出现了一些关于银行存款"流失"的探 讨。 2月10日，中国人民银行发布《2025年第四季度中国货币政策执行报告》（下称《报告》），对近期居 民储蓄存款分流现象做出回应。 在题为"从资管产品与银行存款的合并视角看流动性总量"的专栏3中， 央行表示，如果居民将存款转化 为资管产品，这些资管产品投向同业存款和存单，会直接增加非银机构在银行的存款，若投向其他底层 资产，最终也会转化为企业和相关机构的存款，从归宿上看 ...

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately accommodative monetary policy, focusing on promoting stable economic growth and reasonable price recovery, while adjusting the policy's intensity, rhythm, and timing based on domestic and international economic conditions [1][2]. Group 1: Monetary Policy Implementation - The PBOC's report for the fourth quarter of 2025 indicates that it will introduce a comprehensive monetary and financial policy package to strengthen counter-cyclical adjustments, effectively supporting stable growth in the real economy and smooth operation of financial markets [1]. - By the end of 2025, the total financial volume is expected to maintain rapid growth, with the social financing scale and broad money supply (M2) increasing by 8.3% and 8.5% year-on-year, respectively, significantly outpacing nominal GDP growth [1]. Group 2: Credit Structure and Support - After adjusting for local government debt impacts, RMB loans are projected to grow by around 7%, indicating sustained strong credit support [1]. - The credit structure continues to optimize, with technology loans, green loans, inclusive loans, elderly care industry loans, and digital economy industry loans growing by 11.5%, 20.2%, 10.9%, 50.5%, and 14.1% year-on-year, respectively, all exceeding the overall loan growth rate [1]. Group 3: Future Monetary Tools and Support - In 2025, the PBOC increased the quotas for re-loans for technological innovation and agricultural support by 300 billion yuan each, established 500 billion yuan for consumer services and elderly care re-loans, and created a 200 billion yuan risk-sharing tool for technology innovation bonds [2]. - The PBOC aims to effectively implement various structural monetary policy tools, enhance financial support for key areas such as domestic demand expansion, technological innovation, and small and micro enterprises, while also improving macro-prudential and financial stability management tools [2].

钛媒体App 2月10日消息，央行发布2025年第四季度中国货币政策执行报告。其中提出，宏观审慎评估 （MPA）更加聚焦服务货币政策执行和传导。立足于服务货币政策执行的定位，进一步优化MPA框 架，畅通货币政策执行和传导，引导金融机构贯彻执行好货币政策，保持货币信贷合理增长，加力支持 科技创新、中小微企业等重点领域。（央行网站） ...

人民银行指出，随着我国金融市场不断深化，直接融资加快发展，融资渠道更加丰富，居民储蓄资产在 银行存款与资管产品等金融资产之间的配置与选择会更加多元，这更多会直接影响银行负债端结构，但 不直接等价于整个金融体系和实体经济的流动性状况也会随之发生类似较大的变化。当前社会融资环境 持续较为宽松，金融支持实体经济力度稳固，将形式更为多元化的资产、负债合并观察，有利于更好全 面评估实际货币金融条件。 北京商报讯（记者 董晗萱）2月10日，人民银行发布2025年第四季度中国货币政策执行报告（以下简称 《报告》）。 《报告》专栏提到，2025年三季度，居民存款增速高位有所回落，各方关注增多，出现了一些关于银行 存款"流失"的探讨。过去一年资管类产品规模则增长较快。从资管产品与银行存款合并角度来看待这些 现象，可以更好观察金融体系流动性状况。 ...