河北省邢台市新河县农村信用合作联社近日走访小微经营主体，提供"一站式"金融服务。图为该农 村信用合作联社工作人员在一家公司了解融资需求。李世强摄（人民视觉） 1月15日，国新办举行新闻发布会，介绍货币金融政策支持实体经济高质量发展成效。中国人民银 行新闻发言人、副行长邹澜在会上表示，2025年，人民银行实施适度宽松的货币政策，在货币金融环境 较为宽松的状态下，在存量政策接续发挥作用的基础上，又宣布实施了一揽子金融支持举措，巩固经济 回升向好势头。从全年金融数据看，货币金融政策支持实体经济效果明显。 信贷支持力度强 2025年，金融支持实体经济成效如何？人民银行有关负责人从多个方面作了介绍。 金融总量较快增长。2025年12月末，社会融资规模存量同比增长8.3%，广义货币供应量M2同比增 长8.5%，明显高于名义GDP增速；人民币贷款余额272万亿元，同比增长6.4%，还原地方化债影响后， 增速在7%左右，信贷支持力度持续较强。 中央经济工作会议明确，2026年要继续实施适度宽松的货币政策。邹澜介绍，根据当前经济金融形 势需要，人民银行将先行推出两方面政策措施。一方面是下调各类结构性货币政策工具利率，提高银行 ...

河北省邢台市新河县农村信用合作联社近日走访小微经营主体，提供"一站式"金融服务。图为该农村信 用合作联社工作人员在一家公司了解融资需求。 李世强摄（人民视觉） 1月15日，国新办举行新闻发布会，介绍货币金融政策支持实体经济高质量发展成效。中国人民银行新 闻发言人、副行长邹澜在会上表示，2025年，人民银行实施适度宽松的货币政策，在货币金融环境较为 宽松的状态下，在存量政策接续发挥作用的基础上，又宣布实施了一揽子金融支持举措，巩固经济回升 向好势头。从全年金融数据看，货币金融政策支持实体经济效果明显。 信贷支持力度强 2025年，金融支持实体经济成效如何？人民银行有关负责人从多个方面作了介绍。 金融总量较快增长。2025年12月末，社会融资规模存量同比增长8.3%，广义货币供应量M2同比增长 8.5%，明显高于名义GDP增速；人民币贷款余额272万亿元，同比增长6.4%，还原地方化债影响后，增 速在7%左右，信贷支持力度持续较强。 社会综合融资成本进一步降低。2018年下半年以来，人民银行累计10次下调政策利率，还通过强化利率 政策执行和监督，更好发挥存量政策效能，促进社会综合融资成本稳步下行。2025年12月 ...

2025年适度宽松的货币政策发力显效，为经济稳定增长和高质量发展创造了适宜的货币金融环 境。2025年货币信贷呈现什么特征？2026年金融举措将在哪些方面发力？在1月15日国新办举行的 新闻发布会上，中国人民银行、国家外汇管理局有关负责人详解2025年金融统计数据，并回应热 点问题。 ●2025年企（事）业单位贷款增加15.47万亿元，是信贷增长主体，中长期贷款是主要构成，金融 持续为实体经济提供稳定的资金来源 ●2026年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，有效支持"十五五"开好 局、起好步 ●将出台境外放款、国内外汇贷款资金管理等政策，有序推进直接投资、证券投资、跨境融资等 领域资本项目高水平制度型开放 货币信贷总量增长、结构优化 "从全年金融数据看，货币金融政策支持实体经济的效果是明显的。"中国人民银行副行长邹澜介 绍，2025年金融总量较快增长，社会综合融资成本进一步降低，金融结构不断优化，金融市场平 稳运行。 从总量来看，去年12月末，社会融资规模存量同比增长8.3%，广义货币（M2）同比增长8.5%， 人民币贷款余额同比增长6.4%。从价格来看，去年12月新发放企业贷款加权平 ...

Group 1 - The People's Bank of China (PBOC) reported that the total social financing scale for 2025 is projected to reach 35.6 trillion yuan, an increase of 3.34 trillion yuan compared to 2024 [1] - By the end of December 2025, the balance of RMB loans is expected to be 271.91 trillion yuan, reflecting a year-on-year growth of 6.4% [1] - The PBOC plans to continue implementing a moderately accommodative monetary policy in 2026, with a focus on supporting the economy's recovery [1] Group 2 - The PBOC will introduce two main policy measures: a 0.25 percentage point reduction in various structural monetary policy tool rates, and enhancements to structural tools to support economic transformation [2] - The average statutory deposit reserve ratio for financial institutions is currently 6.3%, indicating room for further reserve requirement ratio cuts [2] - The PBOC has noted that the net interest margin for banks has stabilized at 1.42% over the past two quarters, providing a basis for potential interest rate cuts [2] Group 3 - In 2025, the foreign exchange market in China saw a trading volume of 42.6 trillion USD, with the corporate foreign exchange hedging ratio reaching a historical high of 30% [3] - The State Administration of Foreign Exchange (SAFE) has implemented 28 measures to support stable foreign trade development and enhance cross-border investment and financing reforms [3] - Total cross-border income and expenditure for enterprises and individuals reached 15.6 trillion USD in 2025, marking a nearly 10% increase from 2024 [3] Group 4 - The SAFE will continue to strengthen monitoring of cross-border capital flows and enhance the resilience of the foreign exchange market [4] - The PBOC maintains a clear and consistent exchange rate policy, emphasizing the market's decisive role in exchange rate formation [4]

Group 1 - The People's Bank of China (PBOC) has lowered the interest rates of various structural monetary policy tools by 0.25 percentage points and increased the quota for technological innovation and technological transformation re-loans from 800 billion to 1.2 trillion yuan [1] - The PBOC aims to enhance the effectiveness of credit support in key areas by adjusting structural monetary policy tools and increasing support for economic structural transformation [1] - The PBOC plans to implement a series of measures, including increasing the quota for agricultural and small enterprise re-loans, expanding carbon reduction support tools, and enhancing support for service consumption and elderly care [1] Group 2 - The PBOC has indicated that there is still room for further reductions in the reserve requirement ratio (RRR) and interest rates, with the current average RRR at 6.3% [2] - The PBOC has established a 500 billion yuan re-loan for service consumption and elderly care, aiming to meet diverse financing needs in the consumption sector [2] - As of the end of November 2025, the balance of consumer loans, excluding personal housing loans, reached 21.2 trillion yuan, indicating a significant increase in consumer financing [2] Group 3 - The PBOC will continue to guide financial institutions to innovate products and services that align with consumption scenarios, focusing on industries closely related to people's livelihoods, such as accommodation, catering, tourism, and childcare [3] - The PBOC aims to create a suitable monetary environment to promote reasonable price recovery, with the Consumer Price Index (CPI) showing a year-on-year increase of 0.8% as of December last year [3][4] - The PBOC will consider stabilizing economic growth and promoting reasonable price recovery as key aspects of its monetary policy, continuing to implement a moderately loose monetary policy [4]

中国人民银行数据显示，2025年12月末，M2余额340.29万亿元，同比增长8.5%。狭义货币（M1）余额 115.51万亿元，同比增长3.8%。流通中货币（M0）余额14.13万亿元，同比增长10.2%。全年净投放现 金1.31万亿元。 闫先东表示，M2增速加快，将持续为经济回升向好创造适宜的货币金融环境。 金融结构不断优化 1月15日，2025年全年金融数据出炉。中国人民银行公布的统计报告显示，截至2025年末，社会融资规 模存量为442.12万亿元，同比增长8.3%；人民币贷款余额271.91万亿元，同比增长6.4%；广义货币 （M2）余额340.29万亿元，同比增长8.5%。 中国人民银行副行长邹澜1月15日在国新办举行的新闻发布会上表示，2025年，中国人民银行实施适度 宽松的货币政策，在货币金融环境已经较为宽松的状态下，在存量政策接续发挥作用的基础上，5月份 又宣布实施了一揽子金融支持举措，巩固经济回升向好势头。从全年金融数据看，货币金融政策支持实 体经济的效果是明显的。 社会融资规模保持合理增长 2025年，社会融资规模保持合理增长，较好地满足了实体经济的资金需求。中国人民银行数据显示，初 步 ...

Core Viewpoint - The People's Bank of China (PBOC) indicates that there is still room for further reductions in reserve requirements and interest rates to support high-quality economic development in 2026 [1][3]. Group 1: Monetary Policy Insights - The average statutory deposit reserve ratio for financial institutions is currently 6.3%, suggesting potential for a reduction in reserve requirements [3]. - The PBOC has noted that external constraints are relatively stable, with the RMB exchange rate being stable and the USD in a rate-cutting cycle, which does not impose strong constraints on monetary policy [3]. - Internally, the net interest margin for banks has stabilized at 1.42% over the past two quarters, indicating a favorable environment for potential interest rate cuts [3]. Group 2: Financing Cost Management - The PBOC plans to continue comprehensive measures to maintain low overall financing costs in society, including promoting transparency in loan costs through "loan clarity papers" for enterprises [3]. - Efforts will be made to reduce assessment, guarantee, and other intermediary financing costs to alleviate the financial burden on businesses and optimize the financing environment [3]. - The PBOC emphasizes the importance of effective execution and supervision of interest rate policies to ensure smooth transmission of these policies [3]. Group 3: Future Monetary Policy Direction - Looking ahead to 2026, the PBOC will implement moderately accommodative monetary policies in line with the central economic work conference's decisions, focusing on both stock and incremental policy effects [3]. - There will be an increased emphasis on counter-cyclical and cross-cyclical adjustments to create a conducive monetary and financial environment for stable economic growth and high-quality development [3].

Core Viewpoint - The Chinese government is committed to creating a conducive monetary and financial environment to enhance the vitality of high-quality economic development, with a focus on supporting the real economy through effective monetary policies in 2025 and beyond [3][4]. Group 1: Monetary Policy and Economic Support - In 2025, the total social financing stock increased by 8.3% year-on-year, with broad money (M2) growing by 8.5% and RMB loans increasing by 6.4% [4]. - The average interest rate for newly issued corporate loans and personal housing loans was around 3.1%, marking a decline of 2.5 and 2.6 percentage points respectively since the second half of 2018 [4]. - Key sectors such as technology, green finance, inclusive finance, elderly care, and digital economy saw loan growth rates in double digits, significantly outpacing the overall loan growth rate [4]. Group 2: Future Financial Measures - In 2026, the People's Bank of China plans to continue implementing a moderately loose monetary policy, increasing counter-cyclical and cross-cyclical adjustments to support the "14th Five-Year Plan" [6]. - Structural monetary policy tools will see a rate cut of 0.25 percentage points, with an increase in re-lending quotas for agriculture and small enterprises by 500 billion yuan, and for technology innovation and transformation by 1.2 trillion yuan [6]. Group 3: Consumer and Private Sector Support - By the end of 2025, the People's Bank of China had issued 118.4 billion yuan in re-lending for service consumption and elderly care, with plans to include the health industry in this support area [7]. - A total of 1 trillion yuan in re-lending will be allocated to support private small and medium enterprises, enhancing financial support for this sector [8]. Group 4: Foreign Exchange and Market Stability - The Chinese government emphasizes the market's role in determining the exchange rate, aiming to maintain the RMB's stability at a reasonable level without resorting to devaluation for trade advantages [9]. - In 2026, the focus will be on deepening foreign exchange reforms, expanding openness in the foreign exchange sector, and enhancing the efficiency of foreign exchange business for various entities [9][10].

Core Viewpoint - The People's Bank of China (PBOC) is set to implement a moderately accommodative monetary policy to support high-quality economic development, with specific measures aimed at enhancing credit flow to key sectors and facilitating economic structural transformation [1][2][3] Group 1: Monetary Policy Measures - The PBOC will lower the interest rates of various structural monetary policy tools by 0.25 percentage points, reducing the one-year re-lending rate from 1.5% to 1.25% [1] - The PBOC will merge the agricultural and small enterprise re-lending with re-discounting, increasing the re-lending quota for agricultural and small enterprises by 500 billion yuan, with a separate quota of 1 trillion yuan designated for private enterprises [1][2] - The quota for re-lending aimed at technological innovation and technological transformation will be increased from 800 billion yuan to 1.2 trillion yuan, expanding support to high R&D investment private small and medium-sized enterprises [2] Group 2: Support Tools and Initiatives - The PBOC will merge the existing private enterprise bond financing support tool and the technological innovation bond risk-sharing tool, providing a total re-lending quota of 200 billion yuan [2] - The carbon reduction support tool will be expanded to include more projects with carbon reduction effects, such as energy-efficient renovations and green upgrades [2] - The minimum down payment ratio for commercial property loans will be lowered to 30% to support the destocking of the commercial real estate market [2] Group 3: Coordination and Implementation - The related policy documents will be released soon, and the implementation will be coordinated with fiscal policies such as interest subsidies and risk cost sharing to enhance policy effectiveness [3] - The PBOC will continue to increase liquidity and maintain ample liquidity levels, guiding overnight interest rates to operate near policy rate levels [3]

为更好发挥结构性货币政策工具的激励作用，引导金融机构加大对重大战略、重点领域和薄弱环节的支持力度，中国人民银行决 定：自2026年1月19日起，下调再贷款、再贴现利率0.25个百分点。下调后，3个月、6个月和1年期支农支小再贷款利率分别为 0.95%、1.15%和1.25%，再贴现利率为1.5%，抵押补充贷款利率为1.75%，专项结构性货币政策工具利率为1.25%。 | | | | 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 ...