Core Viewpoint - The People's Bank of China (PBOC) emphasizes the importance of maintaining a moderately loose monetary policy to support economic growth and stabilize financial conditions, while also addressing the financing needs of small and medium-sized enterprises [2][12]. Group 1: Monetary Policy and Economic Outlook - The PBOC's report indicates that the national economy is progressing steadily, with a solid foundation to achieve the annual growth target of around 5% [5][6]. - The report highlights that the monetary policy will focus on maintaining relatively loose social financing conditions and enhancing financial support for consumption [2][12]. - As of September, the total social financing stock and broad money supply (M2) grew by 8.7% and 8.4% year-on-year, respectively [4]. Group 2: Financial Indicators and Trends - The report notes that the cost of social financing remains low, with new corporate loans and personal housing loan rates decreasing by approximately 40 and 25 basis points year-on-year, respectively [4]. - The RMB against the USD appreciated by 1.2% year-to-date, with the loan balance reaching 270 trillion yuan and the total social financing stock at 437 trillion yuan [4]. - The report stresses the need to view financial total indicators comprehensively, suggesting that social financing scale and money supply are more representative than bank loans alone [4]. Group 3: Financial System and Risk Management - The report discusses the relationship between base money and broader money supply, indicating that changes in base money can influence the creation of broad money, but they are not directly correlated [8]. - It emphasizes the importance of a diversified approach to bank money creation, where both loan issuance and bond purchases can support credit expansion [8]. - The report outlines the necessity of enhancing macro-prudential policies to mitigate financial risks and maintain market stability [14].

实施好适度宽松的货币政策。综合运用多种工具，保持社会融资条件相对宽松，同时继续完善货币政策 框架，强化货币政策的执行和传导。保持流动性充裕，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，持续营造适宜的货币金融环境。把促进物价合理回升作为把握货币政策的 重要考量，推动物价保持在合理水平。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， 推动社会综合融资成本下降。发挥好货币政策工具总量和结构双重功能，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"，加力支持科技创新、提振消费、小微企业、稳定外贸等重点方向。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，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基本稳定。探索拓展中央银行宏观审慎与金 融稳定功能，维护金融市场稳定，坚决守住不发生系统性金融风险的底线。 来源：央视新闻客户端 今年以来，在以习近平同志为核心的党中央坚强领导下，国民经济顶住压力延续稳中有进发展态势，高 质量发展取得 ...

Core Insights - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy to support economic recovery and stabilize financial markets, with GDP growth of 5.2% year-on-year in the first three quarters of the year [1] Group 1: Monetary Policy Implementation - The PBOC is maintaining 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] - 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 deposit and loan interest rates [1] - The PBOC is optimizing the credit structure by utilizing 500 billion yuan for consumer services and elderly care re-lending, as well as increasing funding for technological innovation and transformation [1] Group 2: Exchange Rate Stability - The PBOC emphasizes maintaining basic stability of the exchange rate, allowing the market to play a decisive role in exchange rate formation while ensuring the exchange rate's regulatory function on the macroeconomy and international balance of payments [2] Group 3: Risk Management - The PBOC is focused on steadily resolving financial risks in key areas and improving the financial risk monitoring, assessment, and early warning systems [3] - The central bank plans to maintain reasonable growth in financial aggregates and implement a moderately accommodative monetary policy, ensuring that social financing conditions remain relatively loose [3] - The PBOC will closely monitor changes in the monetary policies of major overseas central banks and strengthen analysis and monitoring of liquidity supply and demand in the banking system [3]

北京商报讯（记者 刘四红）11月11日，人民银行官网发布2025年第三季度中国货币政策执行报告。下 阶段，中国人民银行将实施好适度宽松的货币政策。综合运用多种工具，保持社会融资条件相对宽松， 同时继续完善货币政策框架，强化货币政策的执行和传导。保持流动性充裕，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，持续营造适宜的货币金融环境。把促进物价合理回 升作为把握货币政策的重要考量，推动物价保持在合理水平。 ...

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 emphasizes the implementation of a stable yet progressive monetary policy, aiming to balance economic growth with risk prevention while enhancing the financial system's robustness and openness [1] Group 1: Monetary Policy Strategy - The central bank will maintain a reasonable growth of financial aggregates and implement a moderately loose monetary policy to ensure social financing conditions remain relatively relaxed [2] - The focus will be on using various monetary policy tools to maintain ample liquidity and align the growth of social financing and money supply with economic growth and price level expectations [2] Group 2: Financial Support and Development - The central bank aims to enhance the guiding role of monetary and credit policies by promoting technology finance, green finance, inclusive finance, and digital finance, supporting key national strategies and sectors [3] - There will be a focus on improving financial support mechanisms for small and micro enterprises, enhancing credit systems, and promoting consumption through financial measures [3] Group 3: Interest and Exchange Rate Management - The central bank will deepen interest rate marketization reforms and improve the transmission channels of monetary policy, ensuring that market-driven interest rates reflect true lending costs [4] - A managed floating exchange rate system will be maintained, with measures to stabilize the RMB exchange rate and enhance the resilience of the foreign exchange market [4] Group 4: Financial Market Development and Openness - The development of a multi-tiered bond market will be accelerated, with a focus on supporting private technology enterprises and enhancing the legal framework for bond issuance [5] - The central bank will promote the internationalization of the RMB and expand its use in cross-border trade and investment [5] Group 5: Risk Prevention and Management - A comprehensive macro-prudential management system will be established to monitor and mitigate systemic financial risks, with an emphasis on enhancing the oversight of systemically important financial institutions [6] - The central bank will explore innovative financial tools and strengthen cross-border regulatory cooperation to maintain market stability [6]

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][3] Summary by Sections Monetary Policy Implementation - The PBOC has maintained ample liquidity through various monetary policy tools, including open market operations and medium-term lending facilities, to support the effective credit demand of the real economy [1][2] - The report indicates a year-on-year growth of 8.7% in social financing scale and 8.4% in broad money supply (M2) as of September, with the RMB loan balance reaching 270.4 trillion yuan [2] Financing Costs and Credit Structure - The PBOC has worked 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 PBOC is focusing on optimizing the credit structure by utilizing 500 billion yuan for consumption and pension-related loans, as well as increasing the quota for technological innovation and transformation loans [1][3] Exchange Rate Stability - The PBOC aims to maintain the RMB exchange rate stability by allowing the market to play a decisive role in its formation and implementing measures to stabilize expectations [1][3] - As of September, the RMB appreciated by 1.2% against the US dollar compared to the end of the previous year [2] Future Monetary Policy Directions - The PBOC plans to continue its moderately accommodative monetary policy, ensuring that social financing conditions remain relatively loose while enhancing the monetary policy framework [3] - The focus will be on promoting reasonable price recovery and maintaining the RMB exchange rate at a reasonable equilibrium level [3]

Core Viewpoint - The People's Bank of China emphasizes the implementation of a moderately accommodative monetary policy to support economic growth and maintain price stability [1] Group 1: Monetary Policy Implementation - The central bank aims to maintain relatively loose social financing conditions through the comprehensive use of various tools [1] - There is a focus on ensuring that the growth of social financing scale and money supply aligns with economic growth and price level expectations [1] - The report highlights the importance of promoting a reasonable recovery in prices as a key consideration for monetary policy [1] Group 2: Interest Rate Management - The central bank plans to further improve the interest rate adjustment framework and strengthen the guidance of policy interest rates [1] - There is an emphasis on enhancing the market-based interest rate formation and transmission mechanism [1] - The goal is to lower the cost of bank liabilities and promote a decrease in the overall financing costs for society [1] Group 3: Structural Monetary Policy Tools - The report stresses the dual function of monetary policy tools in terms of total volume and structure [1] - It aims to effectively implement various structural monetary policy tools to support key areas such as technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade [1] Group 4: Exchange Rate Stability - The central bank intends to maintain exchange rate flexibility while managing a floating exchange rate system based on market supply and demand [1] - There is a focus on strengthening expectations guidance and preventing excessive fluctuations in the exchange rate [1] - The goal is to keep the RMB exchange rate stable at a reasonable and balanced level [1] Group 5: Financial Stability - The report mentions the exploration of expanding the central bank's macro-prudential and financial stability functions [1] - It emphasizes the importance of maintaining financial market stability and preventing systemic financial risks [1]

Core Viewpoint - The People's Bank of China (PBOC) has resumed the trading of government bonds, signaling a commitment to maintain a moderately loose liquidity policy, which is expected to positively impact the bond market in the medium to long term [1][2][4]. Group 1: Market Reactions and Implications - The resumption of government bond trading is seen as a clear signal of the PBOC's intention to support a stable liquidity environment and keep market interest rates relatively low [1][6]. - The net injection of 20 billion yuan in October indicates a cautious approach by the PBOC to avoid rapid declines in interest rates, thereby stabilizing market expectations [3][4]. - The bond market is expected to experience a "top and bottom" pattern in the short term, with limited room for significant downward movement in interest rates [7]. Group 2: Economic Stabilization Efforts - The collaboration between monetary and fiscal policies is anticipated to help stabilize the economy, with the PBOC's actions complementing fiscal measures in the fourth quarter [2][4]. - The PBOC's actions are viewed as a response to the current market conditions, which are deemed reasonable, thus reducing the risk of significant increases in market interest rates [3][4]. Group 3: Investment Strategies - Investment firms suggest focusing on medium to high-grade coupon assets, as the current monetary environment is conducive to such investments [6][7]. - A "barbell strategy" is recommended for bond investments, balancing between long and short durations to optimize returns while managing risks [6][7]. - The overall sentiment is that while the bond market may face short-term volatility, the long-term outlook remains positive, encouraging strategic positioning in high-quality assets [5][6][7].

二十届四中全会开完以后，人民币汇率升值，股市突破长期震 荡区间，股债跷跷板利空债市。但是央行公告称，为保持银行体系 流动性充裕，10 月 27 日将以固定数量、利率招标、多重价位中标 方式开展 9000 亿元 MLF 操作，期限为 1 年期。由于 10 月有 7000 亿元 MLF 到期，本月央行 MLF 净投放将达到 2000 亿元，为央行连 续第 8 个月对 MLF 加量续做。流动性和股债跷跷板共同作用，使得 债市操作难度加大。央行行长潘功胜在《国务院关于金融工作情况 的报告》中表示，下一步将落实落细适度宽松的货币政策，执行好 各项已出台货币政策措施，持续释放政策效能，研究储备新的政策 举措。巩固资本市场向好势头，健全稳市机制。 2025 金融街论坛年会开幕，央行行长潘功胜、金融监管总局局 长李云泽、证监会主席吴清重磅发声。潘功胜表示，央行将继续坚 持支持性的货币政策立场，恢复公开市场国债买卖操作。公开市场 买卖国债，有利于控制远端债市利率，进一步减弱股债跷跷板对债 市的影响，有效控制住利率和资金成本，从而有效进行对实体经济 赋能，增加逆周期调节力度。 逆周期调节或增加，震荡略偏多 摘 要： 宁证期货期货 ...