落地！ 刚刚，央行发布两则公告： 为落实中央经济工作会议精神和《政府工作报告》部署，实施适度宽松的货币政策，提高宏观调控的前瞻性、针对性、有效性，中国人民银行决定，自2025年5月 15日起，下调金融机构存款准备金率0.5个百分点（不含已执行5%存款准备金率的金融机构），下调汽车金融公司和金融租赁公司存款准备金率5个百分点。 | September | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | 市场动态 | 网上展厅 | 报 ...

潘功胜：适度宽松的货币政策内涵包括社会综合融资成本比较低，包括流动性充裕。 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing a comprehensive set of monetary policy measures to stabilize the market and expectations, following the Central Political Bureau's meeting on April 25, aimed at promoting a moderately loose monetary policy [1][2]. Group 1: Quantity-based Policies - The first category of policies focuses on quantity measures, primarily through reserve requirement ratio (RRR) cuts to enhance long-term liquidity supply, with specific actions including a 0.5 percentage point reduction in the RRR, expected to provide approximately 1 trillion yuan in long-term liquidity [2]. - The PBOC will also adjust the RRR for auto finance and financial leasing companies from 5% to 0% temporarily [3]. Group 2: Price-based Policies - The second category includes price measures, such as a 0.1 percentage point reduction in the policy interest rate, lowering the seven-day reverse repurchase rate from 1.5% to 1.4%, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [4]. - Structural monetary policy tool rates will be reduced by 0.25 percentage points, including a decrease in the re-lending rate for agriculture and small enterprises from 1.75% to 1.5%, and the mortgage supplementary loan (PSL) rate from 2.25% to 2% [4]. - The personal housing provident fund loan rate will also be lowered by 0.25 percentage points, with the five-year and above first home loan rate decreasing from 2.85% to 2.6% [4]. Group 3: Structural Policies - The third category aims to enhance existing structural monetary policy tools and innovate new ones to support technological innovation, expand consumption, and promote inclusive finance. Specific measures include increasing the re-lending quota for technological innovation and technological transformation from 500 billion yuan to 800 billion yuan [5]. - A new 500 billion yuan "service consumption and elderly care re-lending" will be established to encourage banks to increase credit support for service consumption and elderly care [6]. - The re-lending quota for agriculture and small enterprises will be increased by 300 billion yuan, with a concurrent reduction in the re-lending rate to support banks in expanding loans to agricultural small and private enterprises [6]. - The optimization of two monetary policy tools supporting the capital market will merge the 500 billion yuan swap convenience for securities, funds, and insurance companies with the 300 billion yuan stock repurchase increase re-lending, resulting in a total quota of 800 billion yuan [6]. - A risk-sharing tool for technological innovation bonds will be created, allowing the central bank to provide low-cost re-lending funds to purchase these bonds, supporting low-cost, long-term financing for technology innovation enterprises and equity investment institutions [6]. Implementation - The ten main policy measures across the three categories will be gradually disclosed and implemented on the PBOC's website [7].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 5月7日，国务院新闻办公室于2025年5月7日（星期三）上午9时举行新闻发布会，请中国人民银行、国 家金融监督管理总局、中国证券监督管理委员会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情 况，并答记者问。 潘功胜表示，4月25日，中央政治局召开会议，分析研究了当前的经济形势和经济工作。为贯彻中央政 治局会议精神，进一步实施好适度宽松的货币政策，人民银行将加大宏观调控的力度，推出一揽子货币 政策措施，主要有三大类，共十项措施。 第一类是数量型政策，主要通过降准等措施，加大中长期流动性供给，保持市场流动性充裕。具体措施 如下： 1． 降低存款准备金率0.5个百分点，预计将向市场提供长期流动性约1万亿元。 2． 完善存款准备金制度，阶段性将汽车金融公司、金融租赁公司的存款准备金率从目前的5%调降为 0%。 第二类是价格型政策，主要包括下调政策利率、降低结构性货币政策工具的利率以及调降公积金贷款利 率。具体措施如下： 责任编辑：石秀珍 SF183 3． 降低个人住房公积金贷款利率0.25个百分点，五年期以上首套房利率从2.85%降至2.6 ...

一季度，新疆金融运行交出亮眼成绩单。 3月末，全区社会融资规模存量为5.41万亿元，同比增长11.3%，高于全国平均水平2.9个百分点；人民 币各项贷款余额3.44万亿元，同比增长9.3%，高于全国平均水平1.9个百分点；人民币贷款增速位居全 国第6位，较上年末提升3位。 今年以来，中国人民银行新疆分行积极落实适度宽松的货币政策，引导金融机构加大融资规模，优化融 资结构，降低融资成本，有力支持了新疆经济稳定增长。 用足货币政策 融资总量提升 中央经济工作会议、全国金融系统工作会议均明确提出，2025年要实施适度宽松的货币政策。 "中国人民银行新疆分行积极引导金融机构加大工作力度，充分用好已推出的各项存量、增量金融政 策，为自治区经济发展提供有力的金融支持。"中国人民银行新疆分行货币政策处副处长李爱华说。 今年一季度，中国人民银行新疆分行召开新疆银行业金融机构主要负责人会议，解读适度宽松货币政策 的内涵和要求，引导辖内金融机构加大项目储备和信贷投放，特别是要做好一季度的信贷投放工作，为 全年金融总量合理增长打下坚实基础。 一季度，全区累计发放支农支小再贷款140亿元，同比多投放20亿元。截至3月末，全区支农支小 ...

Economic Growth and Employment - In the first quarter, China's economy grew by 5.4% year-on-year, demonstrating strong resilience and vitality [1] - The number of new urban jobs added in the first quarter was 3.08 million, an increase of 50,000 compared to the previous year, exceeding the expected pace [3] - The urban survey unemployment rate averaged 5.3% in the first quarter, which is below the expected control target [3] Policy Measures for Economic Stability - The government plans to establish a childcare subsidy system and create special re-lending tools to support key areas of service consumption and the elderly care industry [1] - Specific measures to stabilize foreign trade include tailored support for export enterprises and encouraging foreign investment in China [1] - The People's Bank of China will continue to implement a moderately loose monetary policy to support the real economy while maintaining the stability of the RMB exchange rate around 7.3 [2] Consumer Services and Employment Trends - The Ministry of Commerce is set to introduce a series of policies to enhance service consumption, including a 2025 action plan for quality improvement and a special action plan for health consumption [2] - There is a notable increase in recruitment demand in sectors such as life services, transportation logistics, and resident services, with AI-related job demand growing over 30% year-on-year [3]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the resilience of China's foreign exchange market and plans to implement more proactive macroeconomic policies to support employment and growth amid recent fluctuations in the US Treasury market [1][2]. Foreign Exchange Market - The impact of fluctuations in a single market or asset on China's foreign exchange reserves is generally limited, as the reserves are diversified and managed with safety, liquidity, and value preservation in mind [1]. - China's foreign exchange reserves remain stable at over $3.2 trillion, supported by a balanced international payment situation and a resilient foreign exchange market [2]. Monetary Policy - The PBOC plans to maintain a moderately loose monetary policy, with potential adjustments to reserve requirement ratios and interest rates based on domestic and international economic conditions [3]. - The central bank aims to enhance financial support for key sectors such as technology innovation, green finance, and inclusive finance, while ensuring reasonable growth in money and credit [3]. Employment and Economic Growth - The PBOC will intensify support for employment through policies like entrepreneurship guarantee loans, particularly targeting groups such as returning migrant workers and recent graduates [4]. - Financial institutions will be guided to continue lending to small and medium-sized enterprises (SMEs) that are heavily reliant on foreign trade and facing temporary difficulties [4]. Support for Private Enterprises - The PBOC is committed to enhancing financial services for private enterprises, ensuring a favorable monetary environment through adequate liquidity and targeted financial support measures [5]. - The central bank will broaden financing channels for private enterprises, including expanding bond financing and improving access to foreign capital [6]. Data Insights - As of March 2025, the loan balance for privately held enterprises is approximately 45 trillion yuan, with an increase of 2.4 trillion yuan in the first three months of the year [6]. - The weighted average interest rate for new loans to privately held enterprises in March was about 3.41%, a decrease of 58 basis points compared to the same period last year [6].

文/《清华金融评论》 周茗一 国务院新闻办公室于2025年4月28日（星期一）上午10时举行新闻发布会，请国 家发展改革委副主任赵辰昕、人力资源社会保障部副部长俞家栋、商务部副部 长盛秋平、中国人民银行副行长邹澜介绍稳就业稳经济推动高质量发展政策措 施有关情况，并答记者问。 国家发展改革委副主任赵辰昕 表示，4月18日召开的国务院常务会议已就稳就业稳经济推动高质量发展的若干举措（下称若干举措），进行了研究。若干 举措与去年9月一揽子增量政策、中央经济工作会议和全国"两会"部署任务形成接续，是应对外部环境变化的重要举措，是落实党中央和国务院决策部署 的具体行动。 具体来看，若干举措具体包括五方面内容。 关于近期美国国债和美元汇率市场出现大幅振荡 中国人民银行副行长邹澜 表示，美国宣布对多个经济体大幅加征关税，严重侵犯各国正当权益，严重损害以规则为基础的多边治理体制，严重冲击全球 经济秩序，破坏全球经济长期稳定增长。同时，也引发了全球金融市场剧烈波动，投资者对美元资产的风险情绪上升，美元指数大幅下行，美债收益率上 升，美国股市波动加剧，全球资产组合在区域间重新配置。 在积极扩大有效投资方面，主要包括完善消费基础设 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing a moderately loose monetary policy and is exploring additional policy tools to support economic growth and stabilize the market amid global financial volatility and trade tensions with the U.S. [1][8] Monetary Policy and Economic Support - The PBOC plans to maintain ample liquidity to create a favorable financial environment for the development of private enterprises [1][6] - The central bank emphasizes the importance of a diversified investment strategy for foreign exchange reserves, stating that fluctuations in single markets or assets have a limited impact on China's reserves [3][4] - The PBOC aims to enhance financial support for private enterprises, focusing on sectors such as technology, green economy, and consumption [6][9] Financial Market Stability - The PBOC is focused on strengthening the resilience of the foreign exchange market and stabilizing market expectations, while also addressing any disruptive market behaviors [4][5] - Recent data shows that the broad money supply (M2) reached 326 trillion yuan, with a year-on-year growth of 7%, indicating a stable financial system [8] - The PBOC is prepared to adjust monetary policy tools, including potential interest rate cuts and reserve requirement ratio reductions, to ensure liquidity remains sufficient [8][9] Support for Private Enterprises - The PBOC has introduced measures to enhance financial services for private enterprises, including the implementation of the "25 measures" to support the private economy [6][7] - As of March 2023, loans to privately held enterprises amounted to approximately 45 trillion yuan, with a year-on-year increase of 2.4 trillion yuan [7] - The PBOC is also working on improving the financing mechanisms for small and medium-sized enterprises, including the establishment of a credit information sharing platform [7]

邹澜表示，将根据国内外经济形势和金融市场运行情况，适时降准降息，保持流动性充裕，发挥好货币 政策工具总量和结构双重功能，创设新的结构性货币政策工具，围绕稳就业、稳增长的重点领域精准发 力，做好金融支持。还在研究丰富政策工具箱，将适时推出增量政策，助力稳就业、稳企业、稳市场、 稳预期。 来源： 央视新闻客户端 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 三只松鼠，赴港上市！ 重要数据发布！由降转增 中国人民银行副行长邹澜4月28日在国新办新闻发布会上表示，下一阶段， 中国人民银行将继续实施好 适度宽松的货币政策 ，加力支持实体经济，同时坚持以市场供求为基础，参考一揽子货币进行调节、 有管理的浮动汇率制度，坚持市场在汇率形成中的决定性作用，增强外汇市场韧性、稳定市场预期、加 强市场管理，坚决对市场顺周期行为进行纠偏，坚决对扰乱市场秩序行为进行处置，坚决防范汇率超调 风险， 保持人民币汇率在合理均衡水平上的基本稳定 。 央行：一季度个人住房贷款增约2200亿元 中国人民银行副行长邹澜表示，今年一季度末，个人住房贷款余额38万亿，增加约2200亿元，与去年一 季度相比同比多增超过2000亿元。 发挥 ...