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，我国绿色金融产品不断丰富，市场体系更加完善，有效满足绿色低碳发展多样化融 资需求，助力双碳目标更好实现。"十四五"期间，绿色贷款年均增速30.2%，较全部贷款高出21.1个百 分点，绿色贷款余额占全部贷款比重由6.7%大幅提升至16.2%；绿色债券累计发行5.2万亿元，余额2.4 万亿元，较2020年末增长1.8倍，规模位居全球前列。 下一步，人民银行将全力做好绿色金融大文章，持续健全政策和标准体系，以绿色金融高质量发展支持 经济社会发展全面绿色转型。一是有序推进金融机构碳核算和可持续信息披露。研究制定金融机构碳核 算国家标准和高碳行业碳核算操作指引，推动金融机构提升碳核算能力，逐步将碳排放纳入资产组合考 量，实现金融资产碳排放可度量。对标国际准则、结合国内实际，推动金融机构稳步开展可持续信息披 露，提高市场透明度。 三是进一步发挥政策协同作用。加强与产业、财政部门协同合作，充分发挥产业部门的专业优势，健全 信息共享、专业支撑、标准认定、项目推送、贴息和风险补偿等合作机制，切实提 ...

Core Viewpoint - The People's Bank of China emphasizes the importance of coordinating monetary and fiscal policies to support domestic demand and promote high-quality economic development [1] Group 1: Monetary Policy - The report highlights that the monetary policy tools used by the People's Bank of China, particularly re-lending, are essential for optimizing financial structure [1] - Re-lending involves providing loans to financial institutions at favorable interest rates, linking the supply of base currency to the amount of loans issued to supported sectors [1] - This approach aims to guide financial institutions in optimizing their credit structure, thereby creating financial conditions conducive to economic restructuring [1] Group 2: Fiscal Policy - Fiscal policy can effectively adjust the allocation of social resources through measures such as interest subsidies, risk sharing, and tax incentives [1] - These direct incentives influence corporate behavior and also support the transformation of the economic structure [1] Group 3: Policy Coordination - The People's Bank of China plans to enhance the coordination between monetary and fiscal policies to amplify policy effectiveness [1] - The goal is to guide social capital in promoting consumption and expanding investment, collectively supporting stable growth and structural adjustment [1]

Core Viewpoint - The People's Bank of China (PBOC) is committed to advancing a unique financial development path, deepening financial reforms, and enhancing high-level openness to build a strong financial nation while ensuring a robust monetary policy framework and macro-prudential management system [1][2]. Group 1: Monetary Policy Implementation - The PBOC will continue to implement a moderately accommodative monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery as key considerations [1]. - The central bank aims to maintain ample liquidity and relatively loose social financing conditions, guiding reasonable growth in total financing and balanced credit allocation [1]. Group 2: Interest Rate and Financing Cost Management - There will be improvements in the interest rate adjustment framework, enhancing the guidance of central bank policy rates and the transmission mechanism of market-based interest rates [2]. - The PBOC plans to lower bank funding costs to promote low financing costs for society, expanding the coverage of comprehensive financing cost work for enterprises [2]. Group 3: Structural Monetary Policy Tools - The PBOC will effectively implement various structural monetary policy tools to support key areas such as domestic demand expansion, technological innovation, and small and medium-sized enterprises [2]. - The central bank will maintain a managed floating exchange rate system, ensuring exchange rate flexibility and using it as an automatic stabilizer for macroeconomic and international balance of payments [2]. Group 4: Financial Stability and Risk Prevention - The PBOC aims to enhance its macro-prudential and financial stability functions, improving the toolbox for managing these aspects to maintain financial market stability and prevent systemic financial risks [2].

格隆汇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。其中提出，下一步，中国 人民银行将全力做好绿色金融大文章，持续健全政策和标准体系，以绿色金融高质量发展支持经济社会 发展全面绿色转型。有序推进金融机构碳核算和可持续信息披露。研究制定金融机构碳核算国家标准和 高碳行业碳核算操作指引，推动金融机构提升碳核算能力，逐步将碳排放纳入资产组合考量，实现金融 资产碳排放可度量。对标国际准则、结合国内实际，推动金融机构稳步开展可持续信息披露，提高市场 透明度。 登录新浪财经APP 搜索【信披】查看更多考评等级 ...

格隆汇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。其中提出，下一步，中国 人民银行将健全绿色金融产品和市场体系。研究优化碳减排支持工具，将更多具有减碳效益的领域纳入 支持范围；规范推动碳排放权、用水权等环境权益质押融资业务，助力盘活资源环境要素价值；支持金 融机构有序参与全国碳市场建设，稳妥推进碳金融产品和衍生工具创新。 ...

Core Viewpoint - The Chinese economy is expected to maintain a steady growth trajectory, with a GDP growth rate of 5% in 2025, supported by a moderately loose monetary policy and effective financial measures to stabilize the economy and financial markets [1]. Monetary Policy Measures - The People's Bank of China (PBOC) aims to maintain reasonable growth in money and credit by utilizing various monetary policy tools, ensuring ample liquidity to meet the effective credit demands of the real economy [2]. - The PBOC plans to lower social financing costs by reducing policy interest rates and other related rates, thereby supporting the overall financing environment [2]. - There will be increased support for major strategic areas and weak links, with specific allocations such as 300 billion yuan for technology innovation and agricultural loans, and 500 billion yuan for consumer and elderly care loans [2]. - The PBOC will ensure the stability of the exchange rate, allowing the market to play a decisive role in its formation while maintaining the yuan's stability at a reasonable level [2]. Economic Indicators - By the end of 2025, the total social financing scale and broad money supply (M2) are projected to grow by 8.3% and 8.5% respectively, significantly outpacing nominal GDP growth [3]. - The growth rate of loans, after adjusting for local government debt impacts, is expected to be around 7%, indicating strong credit support [3]. - The average interest rates for new corporate loans and personal housing loans are projected to be around 3.1% [3]. - Various loan categories, including technology, green, inclusive, elderly care, and digital economy loans, are expected to see double-digit growth rates, with technology loans growing by 11.5% and green loans by 20.2% [3]. External Economic Environment - The global economic landscape is facing challenges such as insufficient growth momentum, increased trade barriers, and divergent economic performances among major economies, leading to uncertainties in inflation and monetary policy adjustments [4]. - Despite these challenges, China's economic foundation remains strong, with advantages and resilience that support long-term positive trends [4]. Future Policy Directions - The PBOC will continue to implement a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery [5]. - There will be a flexible approach to using various policy tools to maintain liquidity and support balanced credit distribution, aligning social financing and money supply growth with economic growth and price expectations [5]. - The PBOC aims to enhance its macro-prudential management and financial stability frameworks to prevent systemic financial risks [6].

（文章来源：中国新闻网） | 逆回购操作情况 | | | | --- | --- | --- | | 期限 操作利率 | 投标量 | 中标量 | | 7 1.40% | 3114亿元 | 3114亿元 | | 中国人民银行公开市场业务操作室 | | | | 二〇二六年二月十日 | | | 图片来源：央行网站截图 中新网2月10日电据央行网站消息，2026年2月10日中国人民银行以固定利率、数量招标方式开展了3114 亿元7天期逆回购操作。具体情况如下： ...

观点网讯：据央行公告，2026年2月10日，中国人民银行以固定利率、数量招标方式开展了3114亿元7天 期逆回购操作，操作利率为1.40%，投标量与中标量均为3114亿元。 另外，2月10日有1055亿元7天期逆回购到期。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

短期内，黄金价格走势仍需关注两大核心变量。 其一为美国一月份就业报告，该报告原计划如期发布，后推迟至周三晚些时候。作为反映美国经济基本面的重要数据，其发布结果将影响市场对美元及全球 经济的预期，进而间接作用于黄金价格。 其二为国际谈判进展，相关各方近期就核问题举行谈判并释放积极信号，同时相关会议也将在本周初举行。交易员正密切关注谈判后续发展，若出现积极进 展，可能会缓解市场避险情绪，进而在短期内对贵金属价格形成一定削弱。 当前黄金价格的持续回升，是美元走弱与央行需求上升共同作用的结果，市场整体呈现明确的支撑逻辑。但短期而言，美国就业数据发布及国际谈判进展仍 可能引发金价阶段性波动。对 周一亚洲早盘，黄金价格（XAU/USD）上行至接近5035美元，近期贵金属市场呈现持续回升态势。这一走势的形成，主要得益于美元走弱及全球央行黄金 需求上升的双重支撑，同时，美国相关经济数据发布安排、国际谈判进展等因素，也成为影响短期黄金价格波动的关键变量。 美元走势是近期影响黄金价格的重要因素之一。 市场对美联储独立性的相关担忧持续发酵，间接导致美元走势承压。由于黄金以美元计价，美元走弱通常会提升黄金的市场吸引力，进而为黄金价格 ...

国贸期货 贵金属与新能源研究中心 2026-2-09 白素娜 从业资格证号：F3023916 投资咨询证号：Z0013700 投资咨询业务资格：证监许可【2012】31号 【贵金属周报（AU、AG）】 恐慌抛售风险缓解，金银或企稳震荡 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 周度观点摘要 ◆ 上周贵金属价格延续剧烈波动，白银遭遇二次抛售。主要影响因素分析如下：（1）在经历 外盘1月30日的暴跌后，上周一沪金触及跌停，沪银周一、周二连续两日跌停；后在杠杆显 著去化后，市场情绪短期修复，金银略有反弹。但由于美元走强和美国科技股持续遭到抛 售，叠加比特币等加密货币暴跌，市场流动性紧缩风险卷土重来，并再度蔓延至贵金属市 场，金银上周四、周五双双遭到二次抛售，尤其是白银，伴随着CME第6次提保，伦敦现货 白银上周五早盘暴跌至64美元/盎司附近，再创阶段性新低并抹去年内涨幅。（2）直至上 周五，美伊谈判不确定性扰动市场，加上市场流动性恢复，科技股抛压暂缓、美股三大指 数和比特币集体上涨，市场流动性恢复，金银逐步企稳回升。同时，美国2月消费者信心意 外上升至5 ...