央行货币政策委员会：加强货币政策调控 把握好政策实施的力度、节奏和时机 探索常态化制度安排 维 护资本市场稳定 中国人民银行货币政策委员会2025年第四季度例会于12月18日召开。会议要求，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，更好发挥货币政策工具的总量和结构双重功能，加强货币财 政政策协同配合，促进经济稳定增长和物价合理回升。 关于国内外经济金融形势，会议认为：当前外部环境变化影响加深，世界经济增长动能不足，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；我国经济运行总体平 稳、稳中有进，高质量发展取得新成效，但仍面临供强需弱矛盾突出等问题和挑战。 会议研究了下阶段货币政策主要思路，建议发挥增量政策和存量政策集成效应，综合运用多种工具，加 强货币政策调控，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、节奏和时 机。 (责任编辑：张紫祎) 关于下一阶段的重点支持领域，会议提出：有效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"，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持；用好证券、基金、保险公 司互换便利和股票回 ...

央行货币政策委员会2025年第四季度例会提出 加大逆周期和跨周期调节力度 用好证券、基金、保险公司互换便利和股票回购增持再贷款 维护资本市场稳定 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四中全会和中央 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，增强宏观政策前瞻性针对性协同性，着力扩大内需、优化供给，做 优增量、盘活存量，不断巩固拓展经济稳中向好势头。 (责任编辑：张紫祎) 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，为经济稳中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，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 ...

会议指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增强银行 资本实力，共同维护金融市场的稳定发展。有效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"，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持。用好证券、基金、保险公 司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资本市场稳定。持续做好支持民营经 济发展壮大的金融服务。切实推进金融高水平双向开放，提高开放条件下经济金融管理能力和风险防控 能力。 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四中全会和中央 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，增强宏观政策前瞻性针对性协同性，着力扩大内需、优化供给，做 优增量、盘活存量，不断巩固拓展经济稳中向好势头。 （文章来源：中国证券报） 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 ...

Core Viewpoint - The People's Bank of China emphasizes the continuation of a moderately accommodative monetary policy to promote stable economic growth and reasonable price recovery, while enhancing the dual functions of monetary policy tools [1][2]. Group 1: Monetary Policy Implementation - The meeting highlighted the need for increased counter-cyclical and cross-cyclical adjustments, utilizing various monetary policy tools to support high-quality development of the real economy [1][2]. - The effectiveness of the loan market quotation rate reform is being released, and the market-oriented adjustment mechanism for deposit rates is functioning effectively, leading to enhanced monetary policy transmission efficiency [1]. - The overall financing costs in society are at historically low levels, with a balanced supply and demand in the foreign exchange market and sufficient foreign exchange reserves [1][2]. Group 2: Economic Analysis - The meeting analyzed domestic and international economic and financial conditions, noting that external environmental changes are deepening, with insufficient global economic growth and increasing trade barriers [2]. - Despite facing challenges such as strong supply and weak demand, China's economy is generally stable and making progress towards high-quality development [2]. Group 3: Future Monetary Policy Directions - The meeting proposed leveraging both incremental and stock policies, using a variety of tools to strengthen monetary policy regulation, and ensuring liquidity remains ample [2]. - It is essential to align the growth of social financing scale and money supply with economic growth and price level expectations, while maintaining low financing costs [2]. - The central bank's policy interest rates should guide market rates effectively, enhancing the market-based interest rate formation transmission mechanism [2]. Group 4: Financial Sector Support - Large banks are encouraged to play a leading role in providing financial services to the real economy, while small and medium-sized banks should focus on their core responsibilities [3]. - The meeting stressed the importance of implementing structural monetary policy tools effectively and providing financial support to key areas such as expanding domestic demand, technological innovation, and small and micro enterprises [3]. - Continuous support for the development of the private economy is emphasized, along with advancing high-level financial openness and improving risk management capabilities [3].

Core Viewpoint - The People's Bank of China (PBOC) has held its fourth quarter monetary policy committee meeting for 2025, maintaining a stance of "moderately accommodative" monetary policy while introducing new concepts such as "cross-cycle adjustment" and "integrating incremental and stock policy effects" to support economic growth and stability [2][4]. Group 1: Economic Assessment - The meeting assessed that the overall economic operation is stable and progressing, with new achievements in high-quality development, but still faces challenges such as a prominent contradiction between strong supply and weak demand [2][4]. Group 2: Monetary Policy Direction - The PBOC emphasized the continuation of a moderately accommodative monetary policy, expanding the previous focus on "strengthening counter-cyclical adjustment" to "increasing counter-cyclical and cross-cycle adjustment efforts" [4]. - The meeting highlighted the importance of integrating new policies with existing tools to enhance their effectiveness [4]. Group 3: Financial Support Focus - The meeting underscored the need for financial support in key areas, placing "expanding domestic demand" at the forefront, alongside support for technological innovation and small and medium-sized enterprises [4][5]. - Unlike the previous quarter, the fourth quarter meeting did not specifically mention real estate or foreign trade in its financial support directives [5]. Group 4: Capital Market Stability - The PBOC reiterated the importance of utilizing securities, funds, and insurance company swap facilities, as well as stock repurchase and increased loans, to explore regular institutional arrangements aimed at maintaining capital market stability [5].

Group 1 - The central economic work conference was held in Beijing from December 10 to 11, focusing on the current economic situation and key tasks for the new "14th Five-Year Plan" period [1] - The government is implementing a more proactive fiscal policy for the first time this year, with a deficit level and scale at the highest in recent years, increasing the deficit rate to around 4% and the deficit scale to 5.66 trillion yuan, which is an increase of 1.6 trillion yuan compared to 2024 [4][5] - The total issuance of government bonds in 2025 is projected to be 11.86 trillion yuan, including 4.4 trillion yuan in government bonds and 1.3 trillion yuan in special long-term bonds [4] Group 2 - The fiscal policy will continue to be proactive next year, maintaining necessary fiscal deficits, total debt scale, and total expenditure while optimizing the fiscal expenditure structure [5][6] - The government aims to enhance the effectiveness and precision of fiscal spending, focusing on major national strategic financial support and increasing investment in people's livelihoods, domestic demand, and long-term growth [5][6] - The monetary policy will be moderately loose, with the central bank having implemented a reduction in the reserve requirement ratio and interest rates for the first time in 14 years, and plans to continue this approach next year [8][10] Group 3 - The social financing scale and broad money supply (M2) grew by 8.7% and 8.4% year-on-year, respectively, with the balance of RMB loans reaching 270.4 trillion yuan [11] - The new lending rates for corporate loans and personal housing loans have decreased by approximately 40 basis points and 25 basis points year-on-year, respectively [11] - The monetary policy will focus on promoting stable economic growth and reasonable price recovery as key considerations [12][14] Group 4 - The government will enhance the consistency and effectiveness of macro policies, integrating economic and non-economic policies, as well as stock and incremental policies, to ensure coordinated efforts across various policy measures [17] - The emphasis on "seeking progress while maintaining stability" continues as the overall guideline for economic work during the "14th Five-Year Plan" period, with a focus on quality improvement and efficiency enhancement [20]

中国人民银行货币政策委员会召开2025年第四季度例会 中国人民银行货币政策委员会2025年第四季度（总第111次）例会于12月18日召开。 会议指出，要引导大型银行发挥金融服务实体经济主力军作用，推动中小银行聚焦主责主业，增强银行 资本实力，共同维护金融市场的稳定发展。有效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"，加强对扩大内需、科技创新、中小微企业等重点领域的金融支持。用好证券、基金、保险公 司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资本市场稳定。持续做好支持民营经 济发展壮大的金融服务。切实推进金融高水平双向开放，提高开放条件下经济金融管理能力和风险防控 能力。 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四中全会和中央 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，增强宏观政策前瞻性针对性协同性，着力扩大内需、优化供给，做 优增量、盘活存量，不断巩固拓展经济稳中向好势头。 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately loose monetary policy to support high-quality economic development and stabilize the economy amidst external uncertainties and domestic challenges [1][2]. Group 1: Monetary Policy and Economic Environment - The PBOC has increased macroeconomic regulation efforts this year, implementing a moderately loose monetary policy to create a favorable financial environment for stable economic growth [1]. - The loan market quotation rate reform is showing positive effects, and the market-oriented adjustment mechanism for deposit rates is functioning effectively, leading to lower social financing costs historically [1]. - The external economic environment is increasingly challenging, with insufficient global economic growth momentum and rising trade barriers, while domestic economic performance remains stable but faces issues such as strong supply and weak demand [1][2]. Group 2: Future Monetary Policy Directions - The upcoming monetary policy will focus on integrating incremental and stock policies, utilizing various tools to strengthen monetary policy regulation based on domestic and international economic conditions [2]. - Maintaining ample liquidity is crucial, ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations [2]. - The PBOC aims to enhance the effectiveness of monetary policy transmission mechanisms and improve the efficiency of fund utilization [2]. Group 3: Financial Sector Support and Stability - Large banks are encouraged to play a leading role in providing financial services to the real economy, while smaller banks should focus on their core responsibilities and enhance capital strength [3]. - Structural monetary policy tools will be effectively implemented to support key areas such as expanding domestic demand, technological innovation, and small and micro enterprises [3]. - The PBOC emphasizes the importance of financial services for the development of the private economy and aims to enhance financial openness and risk management capabilities [3].

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately accommodative monetary policy to support economic stability and growth, while addressing challenges in both domestic and international economic environments [1][2][3]. Group 1: Monetary Policy Strategy - The PBOC plans to continue implementing a moderately accommodative monetary policy and increase counter-cyclical and cross-cyclical adjustments [2][3]. - The integration of incremental and stock policies will be leveraged to enhance the effectiveness of monetary policy tools [2][3]. - The PBOC aims to maintain ample liquidity, ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations [3][4]. Group 2: Financial Market Stability - The meeting highlighted the importance of guiding large banks to play a key role in providing financial services to the real economy, while encouraging small and medium-sized banks to focus on their core responsibilities [4]. - The PBOC will utilize structural monetary policy tools effectively to support key areas such as expanding domestic demand, technological innovation, and small and micro enterprises [4]. - Measures will be taken to maintain capital market stability, including the use of securities, funds, and insurance company swap facilities, as well as stock repurchase and increased re-lending [2][4]. Group 3: Economic Environment Analysis - The PBOC noted that the external economic environment is becoming increasingly challenging, with insufficient global economic growth and rising trade barriers [3]. - Despite facing issues such as strong supply and weak demand, China's economy is generally stable and making progress towards high-quality development [3]. - The PBOC will enhance the resilience of the foreign exchange market and stabilize market expectations to prevent excessive fluctuations in the exchange rate [3].

2025年最后一次央行货币政策委员会例会释放出下阶段货币政策的主要思路。 12月24日，中国人民银行发布消息称，中国人民银行货币政策委员会2025年第四季度（总第111次）例 会于12月18日召开。 对于当年国内经济形势，例会认为，我国经济运行总体平稳、稳中有进，高质量发展取得新成效，但仍 面临供强需弱矛盾突出等问题和挑战。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，更好发挥货币政策工具的总量和结构双重功能，加强货币财政政策协同配合，促进经济稳定增长和 物价合理回升。 对于下阶段货币政策主要思路，例会建议发挥增量政策和存量政策集成效应，综合运用多种工具，加强 货币政策调控，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、节奏和时机。 在流动性和信贷方面，会议提出，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，促进社会综合融资成本低位运行。对比三季度例会，"引导金融机构加大货 币信贷投放力度"并未现身。 利率政策上，四季度例会延续了三季度例会的表述，提出，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 ...