下阶段，中国人民银行将继续实施好适度宽松的货币政策，充分发挥货币信贷政策导向作用，实施好创 业担保贷款、国家助学贷款政策，支持重点群体创业就业和就学，推动落地各项金融支持服务消费政 策，落实好一次性信用修复政策，引导更多金融资源支持提振和扩大服务消费。持续深化明示企业贷款 综合融资成本试点，促进社会综合融资成本低位运行。 昨天，中国人民银行发布2025年第四季度中国货币政策执行报告，报告显示，2025年适度宽松的货币政 策效果逐步显现，今年将继续实施好适度宽松的货币政策，保持流动性充裕和社会融资条件相对宽松。 报告显示，2025年信贷结构持续优化，年末科技贷款、绿色贷款、普惠贷款、养老产业贷款、数字经济 产业贷款均保持两位数增长；人民币汇率在复杂形势下保持基本稳定，2025年末，人民币对美元汇率收 盘价为6.9890元，较2024年末升值4.4%。 ...

Core Insights - The People's Bank of China reported that by the end of Q4 2025, the balance of RMB loans from financial institutions reached 271.91 trillion yuan, marking a year-on-year growth of 6.4%, with an annual increase of 1.627 trillion yuan [1] Group 1: Credit Support - Financial institutions are actively implementing a moderately loose monetary policy to support local economic development [1] - In Hebei, a new loan product for the lantern industry was introduced, with a total credit limit exceeding 470 million yuan [2] - In Gansu, green loans reached 469.5 billion yuan by the end of 2025, increasing by 51.4 billion yuan year-on-year, with a growth rate of 11.7% [2] - In Guangxi, banks issued loans totaling 817.48 billion yuan to 585,400 small and micro enterprises, achieving full coverage of loan targets [2][3] Group 2: Financing Costs - The average interest rate for newly issued corporate loans and personal housing loans was approximately 3.1% in December 2025, a decrease of 2.5 and 2.6 percentage points respectively since the second half of 2018 [4] - The Shandong branch of the People's Bank of China has implemented measures to disclose comprehensive financing costs, benefiting 690,000 loans totaling 2.6 trillion yuan [5] Group 3: Supply and Demand Balance - By the end of Q4 2025, the balance of industrial medium and long-term loans in both domestic and foreign currencies grew by 8.4%, while green loans increased by 20.2% [6] - The China Construction Bank launched a series of consumer promotion activities ahead of the Spring Festival to stimulate demand [7] - Financial institutions are customizing financial solutions for quality enterprises facing temporary funding pressures, as demonstrated by a 3 million yuan loan to a dental clinic in Beijing [7] Group 4: Future Financial Policies - The People's Bank of China plans to continue implementing a moderately loose monetary policy to align the growth of social financing and money supply with economic growth and price level expectations [7]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the continuation of a moderately accommodative monetary policy to support stable economic growth and reasonable price recovery, while monitoring liquidity and financial market changes [1] Group 1: Monetary Policy Implementation - The report highlights the importance of maintaining liquidity in the banking system and using various monetary policy tools to ensure reasonable growth in social financing and money supply, aligning with economic growth and price expectations [1] - Experts suggest that the cumulative effects of the moderately accommodative monetary policy will continue to manifest, with both incremental and stock policies working together to support stable economic growth and reasonable price recovery [1] Group 2: Support for Economic Structure Transformation - The report includes measures to optimize financial services to support economic structure transformation, focusing on expanding domestic demand, technological innovation, and support for small and micro enterprises [2] - In January 2026, the PBOC announced policies to lower interest rates on structural monetary policy tools and enhance support for key areas, indicating a comprehensive coverage of financial services for the "Five Major Financial Tasks" [2] Group 3: Financial Support for Consumption and Housing - The report stresses the need to build a robust pension financial system and support the development of the silver economy, while also promoting financial policies to boost service consumption and improve housing finance systems [3] Group 4: Monetary Policy Transmission - The report calls for deepening interest rate marketization reforms and improving the transmission channels of monetary policy, ensuring that short-term market interest rates align with central bank policy rates [4] - It emphasizes the importance of monitoring cross-border capital flows and maintaining the stability of the RMB exchange rate within a reasonable range [4] Group 5: Liquidity Management - Recent statistics indicate that the PBOC has injected a net of 6 trillion yuan into the market through open market operations in 2025, reflecting a relatively loose social financing condition [5] - The adjustment in asset allocation by residents does not imply significant changes in liquidity, as most funds are redirected back into the banking system, indicating a shift in the structure of bank deposits rather than a decrease in overall liquidity [5]

《报告》显示，2025年适度宽松的货币政策有效支撑了经济增长目标的实现。金融总量方面，年末社会 融资规模存量与广义货币供应量（M2）同比增速分别为8.3%和8.5%，持续高于名义经济增速，为实体 经济提供了有力支撑。价格调控效果显著，2025年12月新发放企业贷款与个人住房贷款利率均维持在 3.1%左右的低位，社会综合融资成本稳步下行。 （来源：经济参考报） 10日，中国人民银行发布《2025年第四季度货币政策执行报告》（以下简称《报告》），为过去一年的 金融调控勾勒出清晰的轮廓，也为下一阶段政策方向定下基调。 《报告》显示，面对复杂的内外环境，适度宽松的货币政策有效支撑了经济"稳中有进"，金融总量合理 增长、融资成本显著下行、重点领域支持精准有力。未来，央行将继续实施好适度宽松的货币政策，强 调逆周期与跨周期调节，并灵活高效运用降准降息等多种政策工具，保持流动性充裕和社会融资条件相 对宽松。 在保持总量合理充裕的同时，信贷资源也在持续向重点领域倾斜。2025年末，科技、绿色、普惠、养老 及数字经济产业贷款均保持两位数增长，其中养老产业贷款同比增速高达50.5%。得益于结构性货币政 策工具的精准发力，过去一年 ...

● 本报记者 彭扬 畅通货币政策传导渠道 在把握好利率、汇率内外均衡方面，报告提出，深入推进利率市场化改革，畅通货币政策传导渠道。健 全市场化利率形成、调控和传导机制，发挥中央银行政策利率引导作用。引导短期货币市场利率更好围 绕央行政策利率平稳运行。稳步深化汇率市场化改革，完善以市场供求为基础、参考一篮子货币进行调 节、有管理的浮动汇率制度，坚持市场在汇率形成中起决定性作用，发挥汇率调节宏观经济和国际收支 自动稳定器功能。做好跨境资金流动的监测分析，坚持底线思维，综合施策，增强外汇市场韧性，稳定 市场预期，防范汇率超调风险，保持人民币汇率在合理均衡水平上的基本稳定。 2月10日，中国人民银行发布的2025年第四季度中国货币政策执行报告提出，继续实施好适度宽松的货 币政策，发挥增量政策和存量政策集成效应。把促进经济稳定增长、物价合理回升作为货币政策的重要 考量，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，持续营造 适宜的货币金融环境。 报告还明确，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 ...

2025年是"十四五"收官之年，国民经济延续稳中有进发展态势，经济社会发展主要目标顺利实现。全年 国内生产总值（GDP）同比增长5%。2月10日，人民银行发布2025年第四季度货币政策执行报告指出， 其坚决落实党中央、国务院决策部署，实施适度宽松的货币政策，在执行好存量货币政策的基础上，又 推出一揽子货币金融政策组合，强化逆周期调节，有效支持实体经济稳定增长和金融市场平稳运行。 2025年，人民银行多措并举实施适度宽松的货币政策。 一方面综合运用存款准备金率、公开市场操作等多种货币政策工具，保持流动性充裕。引导金融机构加 强项目储备和信贷投放，充分满足实体经济有效信贷需求。另一方面推动社会综合融资成本低位下行。 包括下调政策利率、结构性货币政策工具利率和个人住房公积金贷款利率，有力支持降低社会综合融资 成本。 此外，也在加大对重大战略、重点领域和薄弱环节的支持力度。丰富完善结构性货币政策工具体系，调 整优化信贷结构，支持做好金融"五篇大文章"。其中包括，增加科技创新和技术改造再贷款、支农支小 再贷款额度各3000亿元，创设5000亿元服务消费与养老再贷款、2000亿元科技创新债券风险分担工具。 从金融总量、价 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing a moderately loose monetary policy to support stable economic growth and financial market stability in 2025, with a GDP growth target of 5% for the year [1]. Monetary Policy Implementation - In 2025, the PBOC employed various monetary policy tools, including reserve requirement ratios and open market operations, to maintain ample liquidity and support effective credit demand from the real economy [3]. - The PBOC aims to lower the overall financing costs in society by reducing policy interest rates and specific loan rates, thereby enhancing support for key sectors and strategic areas [3]. Financial Indicators - By the end of 2025, the total social financing scale and broad money supply (M2) grew by 8.3% and 8.5% year-on-year, respectively, significantly outpacing the nominal GDP growth rate [4]. - The new corporate loan and personal housing loan rates were approximately 3.1% in December 2025, indicating a decline in financing costs [4]. - Key loan categories such as technology loans, green loans, and loans for the elderly industry saw significant year-on-year growth rates, with technology loans increasing by 11.5% and loans for the elderly industry by 50.5% [4]. Future Policy Directions - The PBOC plans to continue its moderately loose monetary policy, focusing on promoting stable economic growth and reasonable price recovery while adjusting the implementation of policies based on domestic and international economic conditions [5]. - There will be an emphasis on improving the interest rate adjustment framework and enhancing the transmission mechanism of market interest rates to lower financing costs further [6]. - The PBOC aims to maintain the stability of the RMB exchange rate while expanding financial support for key areas such as domestic demand, technological innovation, and small and micro enterprises [6].

中国人民银行2月10日发布的2025年第四季度中国货币政策执行报告提出，继续实施好适度宽松的货币 政策，发挥增量政策和存量政策集成效应。把促进经济稳定增长、物价合理回升作为货币政策的重要考 量，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，持续营造适 宜的货币金融环境。 业内专家表示，2025年适度宽松的货币政策具有累积效应，存量政策效果还会持续显现。2026年初，央 行又推出了一揽子支持实体经济高质量发展的货币金融举措，这些增量政策也将与存量政策发挥协同效 应，进一步为实体经济平稳增长和物价合理回升营造适宜的货币金融环境。 要点速览： 推动落地各项金融支持服务消费政策 完善房地产金融基础性制度 引导短期货币市场利率更好围绕央行政策利率平稳运行 保持人民币汇率在合理均衡水平上的基本稳定 完善宏观审慎和金融稳定管理工具箱 充分发挥货币信贷政策导向作用 报告明确，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。 继续实施好 ...

一是保持货币信贷合理增长。综合运用存款准备金率、公开市场操作等多种货币政策工具，保持流动性 充裕。引导金融机构加强项目储备和信贷投放，充分满足实体经济有效信贷需求。 2025年是"十四五"收官之年，在以习近平同志为核心的党中央坚强领导下，国民经济延续稳中有进发展 态势，经济社会发展主要目标顺利实现。全年国内生产总值（GDP）同比增长5%。中国人民银行坚持 以习近平新时代中国特色社会主义思想为指导，坚决落实党中央、国务院决策部署，实施适度宽松的货 币政策，在执行好存量货币政策的基础上，又推出一揽子货币金融政策组合，强化逆周期调节，有效支 持实体经济稳定增长和金融市场平稳运行。 2025年第四季度中国货币政策执行报告 二是推动社会综合融资成本低位下行。下调政策利率、结构性货币政策工具利率和个人住房公积金贷款 利率，有力支持降低社会综合融资成本。强化货币政策执行和监督，完善利率自律管理。 三是加大对重大战略、重点领域和薄弱环节的支持力度。丰富完善结构性货币政策工具体系，调整优化 信贷结构，支持做好金融"五篇大文章"。增加科技创新和技术改造再贷款、支农支小再贷款额度各3000 亿元，创设5000亿元服务消费与养老再贷 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the importance of coordinating monetary and fiscal policies to stimulate domestic demand and enhance macroeconomic governance effectiveness in the upcoming period [2][6]. Group 1: Monetary Policy Implementation - The report indicates that the effects of the moderately loose monetary policy in 2025 are gradually becoming evident, with ample liquidity in the banking system, a decrease in loan rates, and a rapid increase in money supply and social financing scale [4]. - In 2025, there was a significant increase in government bond financing, corporate bond financing, and non-financial corporate domestic stock financing compared to the previous year, indicating a shift towards direct financing models that align with high-growth sectors [4]. Group 2: Coordination of Fiscal and Monetary Policies - The report outlines three main ways to strengthen the coordination between fiscal and monetary policies: maintaining market liquidity through open market operations, optimizing financial resource allocation via "re-lending + fiscal subsidies," and enhancing risk-sharing through guarantees [7]. - The collaboration between fiscal and monetary policies is expected to amplify the effects of macroeconomic support for structural transformation and upgrading [7]. Group 3: Asset Allocation and Liquidity - Recent trends show a slowdown in the growth of household and corporate deposits, while the scale of wealth management and asset management products has increased significantly. This shift is viewed as a change in the structure of bank deposits rather than a significant alteration in overall liquidity [8]. - The report suggests that the ongoing development of financial markets and the acceleration of direct financing will lead to a more diversified allocation of household savings between bank deposits and asset management products, impacting the structure of bank liabilities [8]. Group 4: Future Monetary Policy Directions - The PBOC plans to implement counter-cyclical and cross-cyclical adjustments to enhance macroeconomic governance and support the "14th Five-Year Plan" for a good start [9]. - The focus will be on maintaining reasonable growth in financial totals, optimizing credit policies to support key areas such as domestic demand and technological innovation, and ensuring the stability of the RMB exchange rate [10].