Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately accommodative monetary policy to stabilize economic growth and maintain reasonable price levels [1][2] Group 1: Monetary Policy Implementation - The PBOC's monetary policy committee meeting highlighted the need for effective execution of monetary policy measures to enhance their impact [1] - The meeting called for strengthening counter-cyclical adjustments and improving the dual function of monetary policy tools in terms of both quantity and structure [1] - There is a focus on increasing the foresight, targeting, and effectiveness of monetary policy based on domestic and international economic conditions [1] Group 2: Financial Market Stability - The PBOC aims to enhance the resilience of the foreign exchange market and stabilize market expectations to prevent excessive fluctuations in the exchange rate [1] - The meeting emphasized the importance of observing and assessing the bond market from a macro-prudential perspective, particularly regarding changes in long-term yields [1] - The PBOC plans to utilize structural monetary policy tools to support key areas such as technological innovation, consumption, small and micro enterprises, and foreign trade [1] Group 3: Real Estate Market Support - The PBOC intends to promote the effective implementation of financial policies to revitalize existing real estate and land, thereby stabilizing the real estate market [2] - There is a commitment to improving the foundational financial systems for real estate and assisting in the development of a new model for real estate growth [2] - The PBOC aims to enhance the capacity for economic and financial management under open conditions, focusing on risk prevention [2]

Core Viewpoint - The People's Bank of China emphasizes the need for a moderately loose monetary policy to enhance counter-cyclical adjustments and support economic stability amid a complex external environment [2][5]. Monetary Policy Strategy - The meeting suggests strengthening monetary policy regulation, improving its foresight, targeting, and effectiveness based on domestic and international economic conditions [1][2]. - It aims to maintain ample liquidity and guide financial institutions to increase credit supply, aligning social financing scale and money supply growth with economic growth and price level expectations [3][4]. Economic Analysis - The current external environment is increasingly complex, with weakening global economic growth and rising trade barriers, leading to differentiated economic performances among major economies [2][5]. - Despite challenges such as insufficient domestic demand and low price levels, China's economy is showing steady progress and improved social confidence [2][5]. Financial Market Stability - The meeting highlights the importance of maintaining stability in the capital market and the real estate market, urging large banks to support the real economy while enhancing the capital strength of small and medium-sized banks [4][5]. - It calls for effective implementation of structural monetary policy tools to support key areas such as technological innovation, consumption, small and micro enterprises, and foreign trade [4][5]. Real Estate and Financial Management - There is a focus on revitalizing existing housing and land assets to stabilize the real estate market and improve foundational financial systems [5]. - The meeting stresses the need for high-level financial openness and enhanced economic and financial management capabilities under open conditions [5].

Core Insights - The People's Bank of China (PBOC) held its 110th monetary policy committee meeting on September 23, 2025, emphasizing the need for appropriate monetary policy to support high-quality economic development and create a favorable financial environment for economic recovery [1] Group 1: Monetary Policy - The meeting highlighted an increase in macroeconomic regulation efforts this year, with a moderately loose monetary policy being implemented to strengthen counter-cyclical adjustments [1] - Various monetary policy tools are being utilized to enhance the transmission efficiency of monetary policy, resulting in historically low social financing costs [1] Group 2: Economic Environment - The external economic environment is becoming increasingly complex and severe, with weakened growth momentum in the global economy, rising trade barriers, and divergent economic performances among major economies [1] - Despite challenges such as insufficient domestic demand and low price levels, China's economy is showing steady progress, with improved social confidence and new achievements in high-quality development [1] Group 3: Future Outlook - The PBOC plans to continue implementing moderately loose monetary policies, strengthen counter-cyclical adjustments, and enhance the dual functions of monetary policy tools to promote stable economic growth and maintain reasonable price levels [1]

中国人民银行货币政策委员会召开2025年第三季度例会 中国人民银行货币政策委员会2025年第三季度（总第110次）例会于9月23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，为经济回升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，经常账户顺差稳定，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。 会议分析了国内外经济金融形势，认为当前外部环境更趋复杂严峻，世界经济增长动能减弱，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。我国经济运行稳中有进，社会信心持 续提振，高质量发展取得新成效，但仍面临国内需求不足、物价低位运行等困难和挑战。要落实落细适度宽松 的货币政策，加强逆周期调节，更好发挥货币政策工具的总量和结构双重功能，加大货币财政政策协同配合， 促进经济稳定增长和物价处于合理水平。 会议研究了下阶段货币 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately loose monetary policy to address domestic demand insufficiency and low price levels while promoting stable economic growth and reasonable price levels [2][4]. Group 1: Economic Conditions - China's economy is showing steady progress, with improved social confidence and new achievements in high-quality development, but still faces challenges such as insufficient domestic demand and low price levels [2]. - The market has high expectations for policy strength amid ongoing downward pressure on the economy [4]. Group 2: Monetary Policy Strategy - The PBOC plans to implement a moderately loose monetary policy, enhance counter-cyclical adjustments, and better utilize both total and structural monetary policy tools [2]. - The central bank aims to maintain ample liquidity and guide financial institutions to increase credit supply, aligning social financing scale and money supply growth with economic growth and price level expectations [2][4]. Group 3: Policy Implementation - The PBOC suggests that monetary policy adjustments should be flexible based on domestic and international economic conditions, without setting specific policy windows [4]. - There is a focus on strengthening the guidance of central bank policy rates and improving the market-based interest rate transmission mechanism [4]. Group 4: Support for Specific Sectors - The PBOC is committed to supporting the development of the private economy and enhancing financing for small and micro enterprises, addressing financing bottlenecks [5]. - Efforts will be made to implement existing financial policies effectively, boost the vitality of existing real estate and land, and stabilize the real estate market [5].

中国人民银行货币政策委员会召开2025年第三季度例会 会议强调，要以习近平新时代中国特色社会主义思想为指导，全面贯彻落实党的二十届三中全会和中央 经济工作会议精神，按照党中央、国务院的决策部署，牢牢把握高质量发展首要任务，扎实推进中国式 现代化，完整准确全面贯彻新发展理念，加快构建新发展格局。把做强国内大循环摆到更加突出的位 置，统筹好总供给和总需求的关系，增强宏观政策协调配合，保持政策连续性稳定性，增强灵活性预见 性，扩大内需、稳定预期、激发活力，巩固拓展经济回升向好势头。 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徐守本、李春 临、廖岷、宣昌能、李云泽、吴清、朱鹤新、谷澍、黄益平、黄海洲出席会议。康义、王一鸣因公务请 假。中国人民银行北京市分行、山西省分行、海南省分行、四川省分行、西藏自治区分行负责同志列席 会议。 会议分析了国内外经济金融形势，认为当前外部环境更趋复杂严峻，世界经济增长动能减弱，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。我国经济运行稳中有 进，社会信心持续提振，高质量发展取得新成效，但仍面临国内需求不足、物价低位运行 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In August 2025, economic data generally weakened, with fixed - asset investment growth continuing to decline, and consumer growth marginally slowing. Only industrial production remained at a high level. Macro - policies need to strengthen counter - cyclical adjustments, relying more on boosting consumption to expand domestic demand. The active fiscal policy is being implemented faster, and the monetary policy has more room for operation, with reserve requirement ratio cuts and interest rate cuts still expected [39]. - Recently, stock index futures have risen, driven by policy, funds, and sentiment, but corporate earnings have not significantly improved. With the approaching National Day holiday, there is uncertainty in the external market, so risk control for stock indices should be done before the holiday. The released US economic data is positive, and there are differences within the Federal Reserve on future interest - rate policies. Gold may face short - term callback risks [39]. - In the short term, due to the approaching National Day holiday, stock indices may face callback risks, and gold may enter a phase of adjustment after accelerating its rise. In the medium - to - long term, stock indices will maintain a wide - range oscillation, and gold may face a deep adjustment [39]. Summary by Relevant Catalogs 1. Domestic and Foreign Macroeconomic Data - In August 2025, economic data generally weakened. Fixed - asset investment growth continued to decline, the decline in real - estate investment further expanded, and the growth rates of infrastructure and manufacturing investment slowed. After a brief recovery, real - estate sales declined again, and real - estate enterprises were cautious about land acquisition and new project construction [4]. 2. Stock Index Fundamental Data - Before the holiday, the central bank increased reverse - repurchase operations, and market liquidity remained abundant. The gap between M1 and M2 narrowed, and the acceleration of social financing growth was mainly driven by the large - scale issuance of government bonds, including ultra - long - term special treasury bonds and local special bonds [14][15]. - The margin trading balance in the Shanghai and Shenzhen stock markets exceeded 2.4 trillion yuan, reaching a new high. The central bank carried out 1567.4 billion yuan of 7 - day and 900 billion yuan of 14 - day reverse - repurchase operations, as well as 600 billion yuan of 1 - year MLF operations, achieving a net withdrawal of 940.6 billion yuan [18]. 3. Gold Fundamental Data - The US GDP growth rate in the second quarter was revised up to 3.8% quarter - on - quarter, reaching a two - year high, and the number of initial jobless claims decreased for two consecutive weeks. The US economy remains robust, and labor demand has slowed but is still within the range of full employment, supporting the Fed's preventive interest - rate cuts [25]. 4. Domestic and Foreign Gold Inventory Situation - The warehouse receipts and inventory of Shanghai gold futures have continued to soar, reflecting an increase in the demand for physical gold delivery and high market sentiment for going long [38].

Group 1 - The People's Bank of China (PBOC) emphasizes the implementation of a moderately loose monetary policy to promote stable economic growth [1][2] - The meeting acknowledges the complex external environment, with weakening global economic growth and increasing trade barriers, while domestic economic performance shows improvement [2][3] - The PBOC plans to enhance monetary policy control, ensuring liquidity remains ample and aligning social financing scale with economic growth and price expectations [3][4] Group 2 - The meeting highlights the importance of large banks in supporting the real economy and encourages small and medium-sized banks to focus on their core responsibilities [4][5] - Structural monetary policy tools will be effectively implemented to support key areas such as technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade [4][5] - The PBOC aims to fully implement the spirit of the 20th National Congress and the Central Economic Work Conference, focusing on high-quality development and modernizing the economy [5]

会议分析了国内外经济金融形势，认为当前外部环境更趋复杂严峻，世界经济增长动能减弱，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。我国经济运行稳中有 进，社会信心持续提振，高质量发展取得新成效，但仍面临国内需求不足、物价低位运行等困难和挑 战。要落实落细适度宽松的货币政策，加强逆周期调节，更好发挥货币政策工具的总量和结构双重功 能，加大货币财政政策协同配合，促进经济稳定增长和物价处于合理水平。 会议研究了下阶段货币政策主要思路，建议加强货币政策调控，提高前瞻性、针对性、有效性，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，抓好各项货币政策措施执行， 充分释放政策效应。保持流动性充裕，引导金融机构加大货币信贷投放力度，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。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。推动社会综合融资成本下降。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，防范资金空转。增强外汇市场韧性，稳 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for monetary policy to support the real economy, enhance financial stability, and address challenges in domestic demand and low inflation levels [3][4][5]. Monetary Policy and Economic Environment - The PBOC's monetary policy has been moderately loose this year, with a focus on counter-cyclical adjustments and the effective use of various monetary policy tools to support high-quality economic development [3][4]. - The loan market quotation rate reform is showing positive effects, and the social financing costs are at historically low levels [3]. - The external economic environment is becoming more complex, with weakening global growth and increasing trade barriers, while domestic economic performance shows steady improvement [3][4]. Financial Sector Support - Large banks are encouraged to play a leading role in serving the real economy, while small and medium-sized banks should focus on their core responsibilities and enhance capital strength [5][6]. - Structural monetary policy tools will be effectively implemented to support key areas such as technological innovation, consumption, small and micro enterprises, and foreign trade [5][6]. - Continuous support for the development of the private economy and small enterprises is emphasized, with efforts to remove financing obstacles for small and micro businesses [5][6]. Real Estate Market Stability - The PBOC aims to stabilize the real estate market by enhancing the financial infrastructure and revitalizing existing properties and land [5][6]. - The meeting highlights the importance of implementing existing financial policies effectively to maintain stability in the real estate sector [5][6]. Policy Implementation and Coordination - The PBOC plans to strengthen monetary policy adjustments, ensuring that the implementation of policies is timely and effective [4][6]. - There is a focus on maintaining liquidity, guiding financial institutions to increase credit supply, and ensuring that social financing growth aligns with economic growth and price stability [4][6]. - The meeting underscores the need for macroeconomic policy coordination to enhance domestic demand and stabilize expectations [6].