2025年最后一次央行货币政策委员会例会释放出下阶段货币政策的主要思路。 12月24日，中国人民银行发布消息称，中国人民银行货币政策委员会2025年第四季度（总第111次）例 会于12月18日召开。 对于当年国内经济形势，例会认为，我国经济运行总体平稳、稳中有进，高质量发展取得新成效，但仍 面临供强需弱矛盾突出等问题和挑战。要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力 度，更好发挥货币政策工具的总量和结构双重功能，加强货币财政政策协同配合，促进经济稳定增长和 物价合理回升。 对于下阶段货币政策主要思路，例会建议发挥增量政策和存量政策集成效应，综合运用多种工具，加强 货币政策调控，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。 在流动性和信贷方面，会议提出，保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价 格总水平预期目标相匹配，促进社会综合融资成本低位运行。对比三季度例会，"引导金融机构加大货 币信贷投放力度"并未现身。 利率政策上，四季度例会延续了三季度例会的表述，提出，强化央行政策利率引导，完善市场化利率形 成传导机制，发挥市场利率定价自律机制作用，加强 ...

Group 1 - The People's Bank of China (PBOC) will conduct a 400 billion yuan Medium-term Lending Facility (MLF) operation on December 25, maintaining liquidity in the banking system [1] - The PBOC has established a monthly funding injection model, including 3-month and 6-month reverse repos, and 1-year MLF, with 300 billion yuan of MLF maturing in December [2] - The continuous net injection of MLF and reverse repos since 2025 has contributed to stable liquidity, supporting significant government bond issuance and an expected increase in social financing for the year [2] Group 2 - The Central Economic Work Conference emphasizes the need for a moderately loose monetary policy to stabilize economic growth and ensure reasonable price recovery, with flexible use of various policy tools [3] - In 2026, the PBOC is expected to continue using a combination of liquidity tools to maintain a stable and ample liquidity environment [3]

【导读】央行将开展4000亿元MLF操作 12月24日，央行发布消息称，为保持银行体系流动性充裕，12月25日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展4000亿元MLF （中期借贷便利）操作，期限为1年期。 东方金诚首席宏观分析师王青指出，在5月降准之后，央行连续第七个月开展中期流动性净投放，主要有三方面原因：一是前期安排5000亿元地方政府债 务结存限额，用于化解存量债务及扩大有效投资，这意味着12月还会有一定规模的政府债券发行；二是10月5000亿元新型政策性金融工具投放完毕，12月 会带动配套中长期贷款较快投放；三是12月银行同业存单到期量明显增加。以上都会在一定程度上收紧银行体系流动性，需要央行给予流动性支持。 12月MLF与买断式逆回购合计净投放中期流动性规模较上月减少3000亿元。王青认为，一方面，因为当月政府债券净融资规模较前期有所下降；另一方 面，不排除2026年一季度央行实施降准、向市场注入较大规模长期流动性的可能。 展望未来，王青表示，中央经济工作会议要求，"要继续实施适度宽松的货币政策。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，灵活 高效运用降准降息等多种 ...

会议研究了下阶段货币政策主要思路，建议发挥增量政策和存量政策集成效应，综合运用多种工具，加 强货币政策调控，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。保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配，促 进社会综合融资成本低位运行。强化央行政策利率引导，完善市场化利率形成传导机制，发挥市场利率 定价自律机制作用，加强利率政策执行和监督。从宏观审慎的角度观察、评估债市运行情况，关注长期 收益率的变化。畅通货币政策传导机制，提高资金使用效率。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。 会议指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增强银行 资本实力，共同维护金融市场的稳定发展。有效落实好各类结构性货币政策工具，扎实做好金融"五篇 大文章"，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持。用好证券、基金、保险公 司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资本市场稳定。持续做好支持民营经 济发展壮大的金融服务。切实推进金融高水平双向开放 ...

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 400 billion MLF operation to maintain liquidity in the banking system, with a focus on optimizing market liquidity structure [2] Group 1: MLF Operations - On December 25, the PBOC will carry out a 400 billion MLF operation with a one-year term, increasing the amount by 100 billion compared to the 300 billion MLF maturing in December [2] - This operation is part of a continuous effort by the PBOC, marking the seventh consecutive month of net liquidity injection through MLF since the reserve requirement ratio (RRR) cut in May [3] Group 2: Economic Context and Future Outlook - The central economic work conference emphasizes the need for a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery [3] - There is a possibility of a reserve requirement ratio cut in the first quarter of 2026, which could inject significant long-term liquidity into the market [3] - Future monetary policy will prioritize balancing short-term and long-term goals, supporting economic growth while managing risks associated with capital turnover and local government debt [4]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the integration of incremental and stock policies to enhance monetary policy effectiveness, aiming to align social financing scale and money supply growth with economic growth and price level expectations [1] Group 1: Monetary Policy Strategy - The PBOC suggests using a variety of tools to strengthen monetary policy regulation based on domestic and international economic conditions [1] - The focus is on maintaining ample liquidity to ensure that social financing and money supply growth match economic growth and price level expectations [1] - The central bank aims to reinforce the guidance of policy interest rates and improve the transmission mechanism of market-based interest rates [1] Group 2: Financial Market Stability - The PBOC will monitor and assess the bond market from a macro-prudential perspective, paying attention to changes in long-term yields [1] - There is an emphasis on enhancing the resilience of the foreign exchange market to stabilize market expectations and prevent excessive fluctuations in the exchange rate [1] - The goal is to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level [1]

中国人民银行货币政策委员会2025年第四季度（总第111次）例会于12月18日召开。 会议认为，今年以来宏观调控力度加大，货币政策适度宽松，持续发力、适时加力，强化逆周期调节， 综合运用多种货币政策工具，服务实体经济高质量发展，为经济稳中向好创造适宜的货币金融环境。贷 款市场报价利率改革效能持续释放，存款利率市场化调整机制作用有效发挥，货币政策传导效率增强， 社会融资成本处于历史较低水平。外汇市场供求基本平衡，外汇储备充足，人民币汇率双向浮动，在合 理均衡水平上保持基本稳定。金融市场总体运行平稳。 本次会议由中国人民银行行长兼货币政策委员会主席潘功胜主持，货币政策委员会委员宣昌能、邹澜、 李云泽、吴清、康义、朱鹤新、谷澍、王一鸣、黄海洲出席会议。徐守本、李春临、廖岷、黄益平因公 务请假。中国人民银行天津市分行、江苏省分行、江西省分行、新疆维吾尔自治区分行、深圳市分行负 责同志列席会议。 来源｜央行网站 编辑 ｜瑜见 会议分析了国内外经济金融形势，认为当前外部环境变化影响加深，世界经济增长动能不足，贸易壁垒 增多，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。我国经济运行总体平 稳、稳中有进， ...

Core Viewpoint - The article discusses the main ideas for the next phase of monetary policy, emphasizing the integration of incremental and stock policies, and the use of various tools to strengthen monetary policy regulation based on domestic and international economic conditions and financial market operations [1] Group 1 - The recommendation is to enhance the effectiveness of both incremental and stock policies through a comprehensive application of multiple tools [1] - There is a focus on strengthening the guidance of central bank policy rates and improving the market-oriented interest rate formation and transmission mechanism [1] - The article highlights the importance of observing and assessing the bond market from a macro-prudential perspective, paying attention to changes in long-term yields [1] Group 2 - It emphasizes the need to improve the efficiency of monetary policy transmission mechanisms and enhance the resilience of the foreign exchange market [1] - The article mentions the importance of stabilizing market expectations and preventing excessive fluctuations in the exchange rate [1] - Maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level is also a key point [1]

Core Viewpoint - The People's Bank of China (PBOC) is focusing on integrating incremental and stock policies to enhance monetary policy effectiveness, aiming to align monetary supply with economic growth and price level expectations [1] Group 1: Monetary Policy Strategy - The PBOC plans to utilize various tools to strengthen monetary policy regulation based on domestic and international economic conditions [1] - The goal is to maintain ample liquidity, ensuring that the growth of social financing and money supply aligns with economic growth and price expectations [1] - There is an emphasis on reinforcing the guidance of central bank policy rates and improving the transmission mechanism of market-based interest rates [1] Group 2: Financial Market Monitoring - The PBOC will observe and assess the bond market from a macro-prudential perspective, paying attention to changes in long-term yields [1] - The central bank aims to enhance the resilience of the foreign exchange market, stabilize market expectations, and prevent excessive fluctuations in the exchange rate [1] - Maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level is a priority for the PBOC [1]

智通财经APP获悉，中国人民银行货币政策委员会2025年第四季度(总第111次)例会于12月18日召开。会 议研究了下阶段货币政策主要思路，建议发挥增量政策和存量政策集成效应，综合运用多种工具，加强 货币政策调控，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。 保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配，促进社 会综合融资成本低位运行。强化央行政策利率引导，完善市场化利率形成传导机制，发挥市场利率定价 自律机制作用，加强利率政策执行和监督。从宏观审慎的角度观察、评估债市运行情况，关注长期收益 率的变化。畅通货币政策传导机制，提高资金使用效率。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。 中国人民银行货币政策委员会召开2025年第四季度例会 会议指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增强银行 资本实力，共同维护金融市场的稳定发展。有效落实好各类结构性货币政策工具，扎实做好金融"五篇 大文章"，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持。用好 ...