在政策引导下，地方法人银行充分把握民营企业再贷款政策机遇，主动对接民企融资需求，简化放贷流 程，降低内部资金转移价格（FTP），切实强化再贷款政策对民营企业贷款投放的带动效果。 中国人民银行广东省分行表示，下一步将持续用好民营企业再贷款等结构性货币政策工具，推动财政金 融政策协同发力，让民营中小微企业享受到更多政策红利，为广东民营经济高质量发展注入持续动力。 2月12日、13日，广东省内江门、东莞地区落地全国首批民营企业再贷款，当地人民银行采取信用方式 向3家地方法人银行发放民营企业再贷款资金25亿元，标志着万亿级民营企业再贷款政策率先在广东落 地，为广东民营经济高质量发展注入金融"活水"。 就在上个月，中国人民银行推出1万亿元民营企业再贷款，加力支持民营中小微企业。新政出台后，中 国人民银行广东省分行紧扣政策部署，强化工作统筹，细化实施方案，全力保障民营企业再贷款在广东 高效平稳落地。一是筑牢制度保障，确保民营企业再贷款政策有序实施。抓紧制定《广东民营企业再贷 款管理实施细则》《广东民营企业再贷款授信制度》，并同步向金融机构发布《广东民营企业再贷款工 作指引》，细化民营企业再贷款政策要素和办理流程，夯实业务 ...

Asia Insights Global Markets Research Economics - Asia ex-Japan China: A primer on the PBoC's structural monetary policy instruments The PBoC has increasingly positioned structural monetary policy instruments (SMPIs) at the forefront of its policy toolkit, as evidenced by the targeted easing measures with rate cuts and quota expansions for its SMPIs announced recently. These instruments enable precise credit allocation to key sectors with cheap funding, while mitigating the risks of broader liquidity spillo ...

2025年1—6月新发放企业贷款加权平均利率约为3.3% 据邹澜介绍，社会综合融资成本低位下行。今年1—6月新发放企业贷款加权平均利率约为3.3%，比去 年同期低约45个基点；新发放个人住房贷款利率约3.1%，比上年同期低约60个基点。 继续实施好适度宽松的货币政策，把握好政策实施的力度和节奏 邹澜称，从经济理论和实践经验看，货币政策的传导是需要时间的，已经实施的货币政策的效果还会进 一步显现。下阶段，人民银行将继续实施好适度宽松的货币政策，密切关注评估前期已实施政策的传导 情况和实际效果，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和节奏，更好 地推动扩大国内需求、稳定社会预期、激发市场活力，支持实现全年经济社会发展目标和任务。 （原标题：中国人民银行副行长邹澜：继续实施好适度宽松的货币政策） 7月14日，国务院新闻办公室举行新闻发布会。中国人民银行副行长邹澜介绍2025年上半年货币信贷政 策执行及金融统计数据情况，并答记者问。 同期公布的央行数据显示，2025年上半年社会融资规模增量累计为22.83万亿元，比上年同期多4.74万亿 元。上半年人民币贷款增加12.92万亿元，人民币存款增加 ...

《报告》显示，2025年适度宽松的货币政策有效支撑了经济增长目标的实现。金融总量方面，年末社会 融资规模存量与广义货币供应量（M2）同比增速分别为8.3%和8.5%，持续高于名义经济增速，为实体 经济提供了有力支撑。价格调控效果显著，2025年12月新发放企业贷款与个人住房贷款利率均维持在 3.1%左右的低位，社会综合融资成本稳步下行。 （来源：经济参考报） 10日，中国人民银行发布《2025年第四季度货币政策执行报告》（以下简称《报告》），为过去一年的 金融调控勾勒出清晰的轮廓，也为下一阶段政策方向定下基调。 《报告》显示，面对复杂的内外环境，适度宽松的货币政策有效支撑了经济"稳中有进"，金融总量合理 增长、融资成本显著下行、重点领域支持精准有力。未来，央行将继续实施好适度宽松的货币政策，强 调逆周期与跨周期调节，并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。 在保持总量合理充裕的同时，信贷资源也在持续向重点领域倾斜。2025年末，科技、绿色、普惠、养老 及数字经济产业贷款均保持两位数增长，其中养老产业贷款同比增速高达50.5%。得益于结构性货币政 策工具的精准发力，过去一年 ...

Monetary Policy Overview - The central bank's report emphasizes the flexible and efficient use of various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity and relatively loose social financing conditions [1][2] - The report highlights the importance of aligning social financing scale and money supply growth with economic growth and price level expectations [2] Interest Rate Management - The report outlines plans to further improve the interest rate adjustment framework, strengthen the guidance of central bank policy rates, and enhance the market-based interest rate formation and transmission mechanism [2] - The goal is to lower bank funding costs and promote low-level operation of comprehensive social financing costs [2] Exchange Rate Stability - The report calls for maintaining the RMB exchange rate at a reasonable and balanced level, using a managed floating exchange rate system based on market supply and demand [2] - It emphasizes the need to strengthen expectations management and prevent excessive fluctuations in the exchange rate [2] Financial Structure and Support - The report discusses the implementation of structural monetary policy tools to support key areas such as expanding domestic demand, technological innovation, and small and micro enterprises [2][3] - It highlights the collaboration between fiscal and monetary policies to enhance financial support for these sectors [4][5] Asset Management Products and Deposits - The report notes a decline in the growth rate of household deposits in Q3 2025, while asset management products have seen rapid growth, indicating a shift in financial asset allocation [8][9] - The total assets of asset management products reached 120 trillion yuan by the end of 2025, with a year-on-year growth of 13.1% [8] Liquidity Assessment - The report suggests that combining asset management products with bank deposits provides a better perspective for assessing the liquidity conditions of the financial system [9][10] - The total liquidity indicator, which aggregates various liquid financial instruments, showed a year-on-year growth of approximately 8.1% by the end of 2025, indicating stable growth trends [10]

责任编辑：山上 央行发布2025年第四季度中国货币政策执行报告。继续实施好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，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。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，引导金融总量合理增长、信贷均衡投放，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。进一步完善利率调控框架，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，降低银行负债成本，促进社会综 合融资成本低位运行。有序扩大明示企业贷款综合融资成本工作覆盖面。发挥好货币政策工具总量和结 构双重功能，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。坚持以市场供求为基础、参考一篮子货币进行调节、有管 理的浮动汇率制度，保持汇率弹性，发挥汇率调节宏观经济和国际收支自动稳定器功能，强化预期引 导，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。拓展丰富中央银行宏观 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 2025年第四季度中国货币政策执行报告：继续实施好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，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。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，引导金融总量合理增长、信贷均衡投放，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。进一步完善利率调控框架，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，降低银行负债成本，促进社会综合融 资成本低位运行。有序扩大明示企业贷款综合融资成本工作覆盖面。发挥好货币政策工具总量和结构双 重功能，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。坚持以市场供求为基础、参考一篮子货币进行调节、有管 ...

本报记者 王彤旭 央行近日召开2026年信贷市场工作会议。会议要求，加强与财政政策协同，强化消费领域金融支持；建 设多层次金融服务体系，着力支持重点领域。 会议认为，2025年中国人民银行扎实推进金融"五篇大文章"、金融支持扩消费、地方政府融资平台债务 风险化解等各项工作，取得积极成效。金融"五篇大文章"各项工作机制更加顺畅，融资平台债务风险大 幅缓释，金融支持实体经济高质量发展质效持续提升。 在强化消费领域金融支持方面，袁帅认为，建设多层次金融服务体系能够满足不同市场主体的多样化金 融需求。强化消费领域金融支持能够激发居民消费潜力，促进消费升级，从而推动内需扩大，形成经济 增长的强大内生动力。 近日，中国人民银行等三部门联合印发《关于加强商务和金融协同 更大力度提振消费的通知》，围绕 商品消费、新型消费、消费场景、县域消费等领域部署了多条政策措施，进一步丰富消费金融产品和服 务。 对于下一步如何支持消费，央行货币政策司司长谢光启近日在国务院新闻办公室举办的新闻发布会上表 示，下阶段，央行将继续实施好适度宽松的货币政策，为提振消费、扩大内需创造适宜的货币金融环 境。在此基础上，进一步发挥好货币信贷政策的结构引 ...

Market Overview - The A-share market opened high and rose, with Wind All A Index increasing by 1.89% and a trading volume of 2.27 trillion yuan [9] - The communication sector led the gains, with the CSI 1000 Index up by 2.26%, CSI 500 Index up by 2.02%, CSI 300 Index up by 1.63%, and SSE 50 Index up by 1.45% [9] Economic Policies - Recent economic adjustment policies have been introduced, providing fundamental support for the indices [9] - The National Development and Reform Commission announced plans to establish a national-level merger fund, regulate local economic promotion behaviors, and advance significant projects in high-tech industries during the 14th Five-Year Plan [9] Monetary Policy - The central bank lowered various structural monetary policy tool rates by 25 basis points, aimed at supporting specific financing needs in sectors like technological innovation and carbon reduction [9] - This rate cut is expected to guide funds into relevant sectors, boosting valuations and reducing financing costs in the long term [9] Market Sentiment - The Shanghai and Shenzhen Stock Exchanges announced an increase in the minimum margin ratio for margin trading from 80% to 100%, indicating increased risk aversion among investors [9] - The market is entering a high volatility phase, with a cautious approach recommended for short-term trading [9] Bond Market - The bond futures market showed positive movement, with the 30-year main contract up by 0.14% and the 10-year main contract up by 0.06% [10] - The central bank conducted a 1130 billion yuan reverse repurchase operation, maintaining a stable liquidity environment [10] Inflation and Economic Indicators - The 10-year treasury yield has fallen below the 1.8% mark, with low expectations for further rate cuts and concerns over inflation data impacting the bond market [10] - The PMI price index is expected to maintain positive month-on-month growth, with a narrowing year-on-year decline in PPI anticipated [10] Precious Metals - The London spot precious metals market experienced fluctuations, with the gold-silver ratio dropping to around 61.3 and the platinum-palladium spread decreasing to 376 USD/oz [11] - U.S. Treasury Secretary's comments suggest a cautious approach to monetary policy, which may alleviate market concerns about aggressive tightening [11] - Geopolitical tensions in the Gulf region continue to pose risks, impacting market predictions for precious metals [11]

Core Viewpoint - The financial data for January is expected to show a significant increase in new RMB loans and social financing compared to the previous month, with experts predicting a stable outlook for credit and social financing growth in the near term [1][3]. Group 1: Predictions for January Financial Data - Experts anticipate that new RMB loans in January could reach approximately 5 trillion yuan, representing a month-on-month increase of about 4 trillion yuan, although this would be a decrease of around 1 billion yuan compared to the same month last year [1][3]. - The new social financing is projected to be around 7 trillion yuan, with some analysts estimating it could be as high as 7.5 trillion yuan, indicating a year-on-year increase [2][4]. - The bond financing is expected to play a significant role in supporting the new social financing figures, with a notable year-on-year increase anticipated [2][4]. Group 2: Trends in Monetary Policy - The growth rates for various loans, social financing, and M2 (broad money) are expected to slightly decline but will remain significantly above the nominal GDP growth rate, reflecting a continued supportive stance in monetary policy [2][4]. - Future monetary policy adjustments may include a reduction in reserve requirements by 25 to 50 basis points and a potential interest rate cut of 10 basis points, with a focus on structural monetary policy tools to support sectors like technology innovation and small to medium enterprises [2][4].