Investment Rating - The industry rating is maintained as "Recommended" indicating a positive outlook for the industry fundamentals and an expectation that the industry index will outperform the benchmark index [6]. Core Insights - The report highlights four key points from the 2025 Q3 monetary policy report released by the central bank, focusing on loan interest rates, the shift in monetary policy language, the relationship between monetary aggregates, and the importance of maintaining reasonable interest rate relationships [1][2][3][4]. Summary by Sections Loan Interest Rates - As of September 2025, the weighted average loan interest rate is 3.24%, down 5 basis points from the previous month. The average interest rate for general loans is 3.67%, down 2 basis points, while the personal housing loan rate remains stable at 3.06%. The corporate loan rate is 3.14%, down 8 basis points. The excess reserve ratio is 1.4%, down 0.4 percentage points year-on-year [1][12]. Monetary Policy Language - The monetary policy language has shifted from "strengthening counter-cyclical adjustments" to "doing a good job in both counter-cyclical and cross-cyclical adjustments." The outlook does not mention the likelihood of reserve requirement ratio cuts or interest rate reductions, indicating a stable capital market and improving inflation trends [2]. Financial Aggregates - The report emphasizes that the current high level of financial data means future monetary policy effects will focus more on "price" rather than "quantity." Without real demand and fiscal policy support, the expansion of base money may not effectively translate into broad money supply growth [3]. Interest Rate Relationships - The central bank aims to ensure that banks do not issue loans at post-tax rates lower than the yields of government bonds of the same maturity. This is to maintain a reasonable interest rate relationship and support banks in stabilizing their net interest margins, thereby expanding the space for counter-cyclical monetary policy adjustments [4][5].

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately accommodative monetary policy while introducing new measures for credit repair and cross-cycle adjustments in its latest monetary policy report [2][3]. Group 1: Monetary Policy Adjustments - The report continues to advocate for a moderately accommodative monetary policy and introduces the need to maintain relatively loose social financing conditions [3][4]. - The PBOC highlights the importance of balancing short-term and long-term economic goals, as well as internal and external economic stability, through both counter-cyclical and cross-cyclical adjustments [3][6]. Group 2: Credit Repair Initiatives - The report introduces new measures aimed at supporting individuals in repairing their credit, particularly for those who have faced debt issues due to the pandemic [5][6]. - The PBOC plans to implement a one-time personal credit relief policy, which will not display certain overdue records in the credit system for individuals who have repaid loans under specific conditions [6]. Group 3: Financial Sector Development - The report emphasizes the development of various financial sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance, to support national strategies and address weak areas in the economy [5][6]. - There is a specific focus on advancing the bond market, particularly for technology companies, and utilizing risk-sharing tools for financing [6]. Group 4: Internationalization of the Renminbi - The report shifts its language regarding the internationalization of the Renminbi from a cautious approach to a more proactive stance, aiming to enhance the openness of capital projects [7].

Core Viewpoint - The People's Bank of China (PBOC) has released its monetary policy execution report for Q3 2025, highlighting the resilience and vitality of the national economy, with a GDP growth of 5.2% year-on-year in the first three quarters of the year. The PBOC is implementing a moderately accommodative monetary policy to support economic recovery and stabilize financial markets. Group 1: Monetary Policy Implementation - The PBOC is maintaining reasonable growth in monetary credit by utilizing various tools such as open market operations and medium-term lending facilities to ensure ample liquidity [1][2] - The central bank aims to reduce the overall financing costs in society by improving the market-based interest rate adjustment framework, leading to a decline in both deposit and loan rates [1][2] - The PBOC is optimizing the credit structure by utilizing 500 billion yuan for consumer services and elderly care loans, as well as increasing the loan quotas for technological innovation and transformation [1][2] Group 2: Financial Stability and Risk Management - The PBOC is focused on maintaining basic stability in the exchange rate, leveraging the market's role in exchange rate formation and ensuring the stability of the RMB against the USD [2][4] - The central bank is enhancing risk prevention and resolution measures, continuously improving the financial risk monitoring and early warning systems [2][3] - As of the end of September, the total social financing stock and broad money supply (M2) grew by 8.7% and 8.4% year-on-year, respectively, with the RMB loan balance reaching 270.4 trillion yuan [2][3] Group 3: Future Outlook and Strategic Goals - Despite external uncertainties and challenges, the PBOC emphasizes the strong foundation and potential of the Chinese economy, aiming to maintain strategic determination and confidence in achieving significant breakthroughs in modernization [3][4] - The PBOC plans to deepen financial reforms and high-level opening-up, enhance the central bank's system, and establish a robust monetary policy framework [3][4] - The central bank will balance short-term and long-term goals, ensuring consistent macro policy orientation to support economic growth, employment stability, and market expectations [3][4]

Core Viewpoint - The People's Bank of China emphasizes the implementation of a moderately accommodative monetary policy to maintain relatively loose social financing conditions and improve the monetary policy framework [1][2]. Group 1: Monetary Policy Implementation - The report highlights the need to balance short-term and long-term goals, support for the real economy, and the health of the banking system while enhancing macroeconomic governance effectiveness [2]. - The central bank aims to achieve a 5% economic growth target for the year through coordinated macro policies, including fiscal, monetary, and industrial policies [2]. - The report stresses the importance of maintaining reasonable growth in financial aggregates and social financing scale in line with economic growth and price level expectations [2][3]. Group 2: Interest Rate and Exchange Rate Management - The report calls for deepening interest rate marketization reforms and improving the transmission channels of monetary policy [4]. - It emphasizes the need for a sound market-based interest rate formation and adjustment mechanism to enhance the effectiveness of monetary policy [4][5]. - The central bank is focused on maintaining reasonable interest rate relationships to facilitate effective monetary policy transmission and reduce arbitrage opportunities [4]. Group 3: Financial Innovation and Risk Management - The report outlines the importance of developing financial tools to support key national strategies and sectors, including technology finance, green finance, and inclusive finance [6]. - As of the end of September, the balance of structural monetary policy tools supporting these initiatives was 3.9 trillion yuan [6]. - The report also emphasizes the establishment of a comprehensive macro-prudential management system and mechanisms for systemic financial risk prevention and resolution [7].

Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2023, aiming to create a favorable monetary environment for economic recovery and financial market stability [1][2]. Group 1: Monetary Policy Implementation - The PBOC has utilized various monetary policy tools to maintain ample liquidity, with social financing scale and broad money supply (M2) growing by 8.7% and 8.4% year-on-year as of September [1]. - The balance of RMB loans reached 270.4 trillion yuan, with new corporate and personal housing loan rates decreasing by approximately 40 basis points and 25 basis points year-on-year, respectively [1]. - The RMB exchange rate has remained stable, appreciating by 1.2% against the US dollar compared to the end of the previous year [1]. Group 2: Economic Outlook and Challenges - The report highlights significant external uncertainties and challenges to the international economic and trade order, with the need for stronger foundations for domestic economic recovery [2]. - Despite these challenges, China's economic fundamentals remain strong, with a call for strategic determination and confidence in achieving major breakthroughs in modernization tasks [2]. Group 3: Future Monetary Policy Directions - The PBOC plans to maintain a balanced approach in its monetary policy, focusing on both short-term and long-term goals, while enhancing macroeconomic governance effectiveness [2][3]. - The central bank aims to improve the monetary policy framework, ensuring that social financing conditions remain relatively loose and aligned with economic growth and price level expectations [3]. - There is an emphasis on supporting key areas such as technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade through targeted structural monetary policy tools [3].

Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2023, creating a favorable financial environment for economic recovery and market stability [1][2]. Group 1: Monetary Policy Implementation - The PBOC has utilized various monetary policy tools to maintain ample liquidity, with social financing and M2 growth rates at 8.7% and 8.4% year-on-year as of September [1]. - The balance of RMB loans reached 270.4 trillion yuan, with new corporate and personal housing loan rates decreasing by approximately 40 basis points and 25 basis points year-on-year, respectively [1]. - The RMB exchange rate has remained stable, appreciating by 1.2% against the USD compared to the end of the previous year [1]. Group 2: Economic Outlook and Challenges - The report highlights significant external uncertainties and challenges to the international economic order, with a need to strengthen the foundation for domestic economic recovery [2]. - Despite these challenges, China's economic fundamentals remain strong, with a call for strategic determination and confidence in achieving modernization goals [2]. Group 3: Future Monetary Policy Directions - The PBOC aims to maintain a balance between short-term and long-term goals, focusing on steady growth while managing risks and ensuring the health of the banking system [2][3]. - The central bank plans to enhance the monetary policy framework, ensuring that social financing conditions remain relatively loose and aligned with economic growth and price stability [3]. - There is an emphasis on supporting key areas such as technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade through targeted monetary policy tools [3].

11月11日，中国人民银行发布2025年第三季度中国货币政策执行报告。 报告称，今年以来，中 国人民银行实施适度宽松的货币政策，保持流动性充裕，综合运用数量、价格、结构等多种货币政 策工具，为经济回升向好和金融市场稳定运行创造了适宜的货币金融环境。 一是保持货币信贷合理增长。 综合运用公开市场操作、中期借贷便利、再贷款再贴现等工 具，保持流动性充裕。引导金融机构充分满足实体经济有效信贷需求，提高资金使用效率，提 升服务实体经济质效。 二是推动社会综合融资成本下降。 健全市场化的利率调控框架，强化利率政策执行，有效发 挥市场利率定价自律机制作用，带动存贷款利率下行。 货币政策逆周期调节效果逐步显现。金融总量合理增长，9月末社会融资规模存量、广义货币 供应量（M2）同比分别增长8.7%和8.4%，人民币贷款余额270.4万亿元。社会融资成本处于 低位，9月新发放企业贷款和个人住房贷款利率同比分别下降约40个和25个基点。信贷结构不 断优化，人民币汇率在合理均衡水平上保持基本稳定，9月末人民币对美元汇率中间价较上年 末升值1.2%。【 详情 】 SFC 来源丨中国人民银行 编辑丨江佩佩 见习编辑张嘉钰 软银清仓英伟 ...

Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2023, ensuring ample liquidity and creating a favorable monetary environment for economic recovery and financial market stability [1][2] Summary by Relevant Sections Monetary Policy Implementation - The PBOC has utilized various monetary policy tools, including open market operations, medium-term lending facilities, and re-lending, to maintain sufficient liquidity and support the effective credit demand of the real economy [1] - The report emphasizes the importance of improving the efficiency of fund utilization and enhancing the quality of services provided to the real economy [1] Financing Costs and Interest Rates - A market-oriented interest rate adjustment framework has been established to lower the overall financing costs in society, with new corporate and personal housing loan rates decreasing by approximately 40 and 25 basis points year-on-year, respectively [2] - The broad money supply (M2) increased by 8.4% year-on-year as of the end of September, indicating a reasonable growth in financial volume [2] Credit Structure Optimization - The PBOC has allocated 500 billion yuan for re-lending to support consumption and elderly care, along with additional funds for technological innovation and transformation [1] - The report highlights the ongoing optimization of the credit structure, with a focus on boosting consumption and technological innovation [1][2] Exchange Rate Stability - The PBOC aims to maintain basic stability of the exchange rate, allowing the market to play a decisive role in its formation while ensuring that the exchange rate serves as a regulator for the macroeconomy and international balance of payments [1] - As of the end of September, the RMB appreciated by 1.2% against the US dollar compared to the end of the previous year [2] Risk Prevention and Financial Stability - The PBOC is focused on systematically addressing financial risks in key areas and enhancing the monitoring, assessment, and early warning systems for financial risks [2] - The effectiveness of counter-cyclical monetary policy adjustments is gradually becoming evident, contributing to the overall stability of the financial system [2]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately loose monetary policy to support economic recovery and stability in the financial market, guided by Xi Jinping's leadership and the principles of socialism with Chinese characteristics [5][8]. Summary by Sections Economic Performance - In the first three quarters of the year, China's GDP grew by 5.2% year-on-year, demonstrating resilience and vitality amid pressures [5][6]. Monetary Policy Implementation - The PBOC has maintained reasonable growth in money and credit by utilizing various tools such as open market operations and medium-term lending facilities to ensure ample liquidity [6][7]. - The bank aims to reduce the overall financing costs in society by enhancing the market-oriented interest rate adjustment framework, leading to a decline in both corporate and personal loan rates [6][7]. Credit Structure Optimization - The PBOC is focusing on optimizing the credit structure by utilizing specific loan quotas for consumption, elderly care, and technological innovation, thereby supporting key areas of domestic demand [6][7]. Exchange Rate Stability - The PBOC is committed to maintaining a stable exchange rate, allowing the market to play a decisive role in its formation while ensuring the RMB remains stable against the USD [6][7]. Risk Management - The PBOC is actively working to mitigate financial risks in key areas and is enhancing its risk monitoring and assessment systems [6][8]. Future Outlook - Despite external uncertainties and challenges, the PBOC remains confident in the long-term positive trends of the Chinese economy and plans to deepen financial reforms and promote high-level opening-up [8][9].

Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2023, aiming to create a favorable monetary environment for economic recovery and financial market stability [1][2]. Monetary Policy Implementation - The PBOC has maintained reasonable growth in money and credit by utilizing various monetary policy tools such as open market operations and medium-term lending facilities to ensure ample liquidity [1][2]. - The central bank aims to reduce the overall financing costs in society by enhancing the market-oriented interest rate adjustment framework, leading to a decline in both deposit and loan rates [1][2]. - The PBOC is focusing on optimizing the credit structure by utilizing 500 billion yuan for consumption and pension-related loans, as well as increasing support for technology innovation and transformation [1][3]. Exchange Rate Stability - The PBOC emphasizes maintaining basic stability in the exchange rate, allowing the market to play a decisive role in its formation while ensuring it serves as a stabilizer for the macro economy and international balance of payments [1][4]. Financial Risk Management - The central bank is committed to systematically addressing financial risks by enhancing monitoring, assessment, and early warning systems for key financial sectors [2][6]. - The PBOC plans to maintain reasonable growth in financial aggregates and ensure that social financing conditions remain relatively loose, adapting to changes in the economic and financial landscape [2][6]. Financial Market Development - The PBOC is focused on accelerating the development of the bond market, particularly for technology enterprises, and enhancing the legal framework for corporate bonds [5]. - The central bank aims to promote the internationalization of the renminbi and expand its use in cross-border trade and investment [5].