Core Viewpoint - The central bank's third-quarter monetary policy report indicates strong confidence in the domestic economic situation, a cautiously optimistic view on price recovery, and emphasizes the need for "cross-cycle" adjustments and improved regulatory frameworks [1][2]. Economic Outlook - The report expresses a strong belief that the national economy is progressing steadily, with sufficient support to achieve the annual growth target. Key supporting factors include ample supply-side capacity, policies promoting consumption, and proactive macroeconomic policies [1]. - Compared to the second-quarter report, the current report shows increased confidence in meeting the established growth targets for the year [1]. Price Trends - In October, the Consumer Price Index (CPI) showed a year-on-year increase, with core CPI growth expanding for six consecutive months, and the Producer Price Index (PPI) rising for the first time this year, indicating a moderate price recovery [2]. - The report suggests that promoting reasonable price recovery requires coordinated macroeconomic policies, with expectations for stable price increases driven by project investments and enhanced consumption policies in the coming year [2]. Monetary Policy Direction - The report reintroduces the concept of "cross-cycle" adjustments in monetary policy, indicating a shift from focusing solely on short-term measures to a more comprehensive approach that considers both short-term and long-term economic conditions [2]. - The emphasis is on maintaining relatively loose social financing conditions through the use of various tools, reflecting a balanced approach to monetary policy during the "14th Five-Year Plan" period [2]. Financial Growth - The report highlights the need for reasonable growth in financial totals to support the construction of a modern industrial system and the development of strategic emerging industries [3]. - It acknowledges that a natural decline in the growth rate of financial totals is expected as the economy transitions from high-speed growth to high-quality development [3]. Interest Rate Structure - The report discusses the importance of maintaining reasonable interest rate relationships to facilitate effective monetary policy transmission, addressing mismatches in interest rates across different types [4]. - Future monetary policy will focus on standardizing interest rate relationships to ensure that market benchmark rates fluctuate around policy rates, thereby maintaining a positive yield curve and supporting banks' net interest margins [4].

"十五五"期间，货币政策将兼顾总量和结构，处理好短期和中长期的关系，更加关注"金融总量"，为经 济增长和结构转型做好有力支撑。 本报评论员 胡光旗 近日，央行发布三季度货币政策执行报告（简称《报告》）。和二季度货币政策执行报告相比，本次报 告的变化主要集中在对国内经济形势有较强信心、对物价回升保持谨慎乐观态度、重提"跨周期"调节并 完善调控框架、通过利率比价的论述着力强调疏通货币政策传导效能以及保证金融总量合理增长几个方 面。 《报告》对宏观经济形势信心较强。《报告》对目前国内经济总形势的判断是"国民经济稳中有进，实 现全年预期目标有基础有支撑。"支撑这个较为积极的判断，央行给出供给端产能充足、以旧换新政策 促使消费潜力持续释放以及宏观政策积极有为三个支撑因素。并且相对于二季度报告中"下半年保持稳 定增长有坚实支撑"的表述，本次《报告》对今年完成既定增长目标信心更强。并且考虑到美国关税政 策对全球贸易形势的冲击还将持续，需依托国内大循环的力量推动经济增长，其着力点就是消费。 物价方面，10月CPI同比转涨，核心CPI同比涨幅连续六个月扩大，PPI环比年内首次上涨，物价温和回 升。《报告》认为，自二季度规范部分 ...

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 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, 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].

央行发布2025年第三季度中国货币政策执行报告。其中提到，下阶段，中国人民银行将坚持坚持稳中求 进工作总基调，完整、准确、全面贯彻新发展理念，坚定不移走中国特色金融发展之路，进一步深化金 融改革和高水平对外开放，加快建设金融强国，完善中央银行制度，构建科学稳健的货币政策体系和覆 盖全面的宏观审慎管理体系，畅通货币政策传导机制。平衡好短期与长期、稳增长与防风险、内部均衡 与外部均衡、支持实体经济与保持银行体系自身健康性的关系，强化宏观政策取向一致性，做好逆周期 和跨周期调节，提升宏观经济治理效能，持续稳增长、稳就业、稳预期。 (本文来自第一财经) ...

Core Viewpoint - The People's Bank of China emphasizes a balanced approach to monetary policy, focusing on steady progress while adhering to the new development philosophy and advancing financial reform and openness [1] Group 1: Monetary Policy Strategy - The central bank will maintain a stable and progressive work guideline, fully implementing the new development concept [1] - There is a commitment to deepen financial reform and enhance high-level openness in the financial sector [1] - The goal is to construct a robust monetary policy system and a comprehensive macro-prudential management framework [1] Group 2: Economic Balance - The central bank aims to balance short-term and long-term goals, growth support and risk prevention, as well as internal and external equilibrium [1] - There is a focus on reinforcing the consistency of macro policy orientation [1] - The central bank will enhance counter-cyclical and cross-cyclical adjustments to improve macroeconomic governance effectiveness [1] Group 3: Economic Stability - The objectives include sustaining growth, stabilizing employment, and maintaining expectations [1]

11月11日，央行发布2025年第三季度中国货币政策执行报告。报告提出，下阶段，中国人民银行将保持 金融总量合理增长。实施好适度宽松的货币政策，保持社会融资条件相对宽松。根据经济金融形势的变 化，做好逆周期和跨周期调节，持续营造适宜的货币金融环境。密切关注海外主要央行货币政策变化， 持续加强对银行体系流动性供求和金融市场变化的分析监测。综合运用多种货币政策工具，保持流动性 充裕。引导银行稳固信贷支持力度，保持金融总量合理增长，使社会融资规模、货币供应量增长同经济 增长和价格总水平预期目标相匹配。 ...