Group 1 - The core viewpoint emphasizes that a moderately loose monetary policy includes low comprehensive financing costs for society and ample liquidity [1]

Core Viewpoint - The People's Bank of China (PBOC) is implementing a comprehensive set of monetary policy measures to stabilize the market and expectations, following the Central Political Bureau's meeting on April 25, aimed at promoting a moderately loose monetary policy [1][2]. Group 1: Quantity-based Policies - The first category of policies focuses on quantity measures, primarily through reserve requirement ratio (RRR) cuts to enhance long-term liquidity supply, with specific actions including a 0.5 percentage point reduction in the RRR, expected to provide approximately 1 trillion yuan in long-term liquidity [2]. - The PBOC will also adjust the RRR for auto finance and financial leasing companies from 5% to 0% temporarily [3]. Group 2: Price-based Policies - The second category includes price measures, such as a 0.1 percentage point reduction in the policy interest rate, lowering the seven-day reverse repurchase rate from 1.5% to 1.4%, which is anticipated to lead to a similar decrease in the Loan Prime Rate (LPR) [4]. - Structural monetary policy tool rates will be reduced by 0.25 percentage points, including a decrease in the re-lending rate for agriculture and small enterprises from 1.75% to 1.5%, and the mortgage supplementary loan (PSL) rate from 2.25% to 2% [4]. - The personal housing provident fund loan rate will also be lowered by 0.25 percentage points, with the five-year and above first home loan rate decreasing from 2.85% to 2.6% [4]. Group 3: Structural Policies - The third category aims to enhance existing structural monetary policy tools and innovate new ones to support technological innovation, expand consumption, and promote inclusive finance. Specific measures include increasing the re-lending quota for technological innovation and technological transformation from 500 billion yuan to 800 billion yuan [5]. - A new 500 billion yuan "service consumption and elderly care re-lending" will be established to encourage banks to increase credit support for service consumption and elderly care [6]. - The re-lending quota for agriculture and small enterprises will be increased by 300 billion yuan, with a concurrent reduction in the re-lending rate to support banks in expanding loans to agricultural small and private enterprises [6]. - The optimization of two monetary policy tools supporting the capital market will merge the 500 billion yuan swap convenience for securities, funds, and insurance companies with the 300 billion yuan stock repurchase increase re-lending, resulting in a total quota of 800 billion yuan [6]. - A risk-sharing tool for technological innovation bonds will be created, allowing the central bank to provide low-cost re-lending funds to purchase these bonds, supporting low-cost, long-term financing for technology innovation enterprises and equity investment institutions [6]. Implementation - The ten main policy measures across the three categories will be gradually disclosed and implemented on the PBOC's website [7].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 5月7日，国务院新闻办公室于2025年5月7日（星期三）上午9时举行新闻发布会，请中国人民银行、国 家金融监督管理总局、中国证券监督管理委员会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情 况，并答记者问。 潘功胜表示，4月25日，中央政治局召开会议，分析研究了当前的经济形势和经济工作。为贯彻中央政 治局会议精神，进一步实施好适度宽松的货币政策，人民银行将加大宏观调控的力度，推出一揽子货币 政策措施，主要有三大类，共十项措施。 第一类是数量型政策，主要通过降准等措施，加大中长期流动性供给，保持市场流动性充裕。具体措施 如下： 1． 降低存款准备金率0.5个百分点，预计将向市场提供长期流动性约1万亿元。 2． 完善存款准备金制度，阶段性将汽车金融公司、金融租赁公司的存款准备金率从目前的5%调降为 0%。 第二类是价格型政策，主要包括下调政策利率、降低结构性货币政策工具的利率以及调降公积金贷款利 率。具体措施如下： 责任编辑：石秀珍 SF183 3． 降低个人住房公积金贷款利率0.25个百分点，五年期以上首套房利率从2.85%降至2.6 ...

Core Viewpoint - The financial performance in Xinjiang for the first quarter shows significant growth in social financing and loans, driven by the implementation of a moderately loose monetary policy by the People's Bank of China Xinjiang Branch, which supports stable economic growth in the region [1][4]. Financing Volume and Policy Implementation - As of the end of March, the total social financing in Xinjiang reached 5.41 trillion yuan, a year-on-year increase of 11.3%, surpassing the national average by 2.9 percentage points [1]. - The balance of RMB loans stood at 3.44 trillion yuan, growing by 9.3% year-on-year, also above the national average by 1.9 percentage points [1]. - The People's Bank of China Xinjiang Branch has actively guided financial institutions to increase financing scale and optimize financing structure, contributing to the region's economic stability [1][2]. Credit Support and Sector Focus - In the first quarter, state-owned banks in Xinjiang issued new loans totaling 976.6 billion yuan, while local banks added 337.6 billion yuan, indicating a significant increase in support for economic development compared to the previous year [2]. - The total amount of re-loans for agriculture and small enterprises reached 140 billion yuan, with a year-on-year increase of 20 billion yuan [2][5]. - The balance of loans for the private economy reached 9.475 trillion yuan, growing by 8% year-on-year, while inclusive small and micro loans increased by 21.5% to 3.0149 trillion yuan [5]. Technological and Green Financing - By the end of March, the balance of technology loans was 688.4 billion yuan, up 14.4% year-on-year, and green loans reached 608.9 billion yuan, with an increase of 344.6 billion yuan since the beginning of the year [3]. - The Xinjiang Branch has utilized various monetary policy tools to support technological innovation and green financing, with over 200 billion yuan allocated to various policy tools by the end of March [2]. Interest Rate and Cost Management - The average interest rate for newly issued RMB loans in March was 3.59%, a decrease of 0.7 percentage points year-on-year, with small and micro enterprises seeing rates of 3.67% and 3.57%, respectively [11]. - The implementation of a "loan cost transparency" initiative aims to clarify the total financing costs for enterprises, helping to reduce unnecessary fees and lower overall financing costs [10][11]. Agricultural Financing and Rural Support - As of the end of March, agricultural loans totaled 1.28 trillion yuan, with an increase of 724.1 billion yuan since the beginning of the year, and loans to farmers reached 241.3 billion yuan, up 451.7 billion yuan [7]. - The Xinjiang Branch has launched initiatives to support rural revitalization, with 1.479 billion yuan allocated for spring farming loans, benefiting approximately 1920 enterprises and around 720,000 farmers [9].

Economic Growth and Employment - In the first quarter, China's economy grew by 5.4% year-on-year, demonstrating strong resilience and vitality [1] - The number of new urban jobs added in the first quarter was 3.08 million, an increase of 50,000 compared to the previous year, exceeding the expected pace [3] - The urban survey unemployment rate averaged 5.3% in the first quarter, which is below the expected control target [3] Policy Measures for Economic Stability - The government plans to establish a childcare subsidy system and create special re-lending tools to support key areas of service consumption and the elderly care industry [1] - Specific measures to stabilize foreign trade include tailored support for export enterprises and encouraging foreign investment in China [1] - The People's Bank of China will continue to implement a moderately loose monetary policy to support the real economy while maintaining the stability of the RMB exchange rate around 7.3 [2] Consumer Services and Employment Trends - The Ministry of Commerce is set to introduce a series of policies to enhance service consumption, including a 2025 action plan for quality improvement and a special action plan for health consumption [2] - There is a notable increase in recruitment demand in sectors such as life services, transportation logistics, and resident services, with AI-related job demand growing over 30% year-on-year [3]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the resilience of China's foreign exchange market and plans to implement more proactive macroeconomic policies to support employment and growth amid recent fluctuations in the US Treasury market [1][2]. Foreign Exchange Market - The impact of fluctuations in a single market or asset on China's foreign exchange reserves is generally limited, as the reserves are diversified and managed with safety, liquidity, and value preservation in mind [1]. - China's foreign exchange reserves remain stable at over $3.2 trillion, supported by a balanced international payment situation and a resilient foreign exchange market [2]. Monetary Policy - The PBOC plans to maintain a moderately loose monetary policy, with potential adjustments to reserve requirement ratios and interest rates based on domestic and international economic conditions [3]. - The central bank aims to enhance financial support for key sectors such as technology innovation, green finance, and inclusive finance, while ensuring reasonable growth in money and credit [3]. Employment and Economic Growth - The PBOC will intensify support for employment through policies like entrepreneurship guarantee loans, particularly targeting groups such as returning migrant workers and recent graduates [4]. - Financial institutions will be guided to continue lending to small and medium-sized enterprises (SMEs) that are heavily reliant on foreign trade and facing temporary difficulties [4]. Support for Private Enterprises - The PBOC is committed to enhancing financial services for private enterprises, ensuring a favorable monetary environment through adequate liquidity and targeted financial support measures [5]. - The central bank will broaden financing channels for private enterprises, including expanding bond financing and improving access to foreign capital [6]. Data Insights - As of March 2025, the loan balance for privately held enterprises is approximately 45 trillion yuan, with an increase of 2.4 trillion yuan in the first three months of the year [6]. - The weighted average interest rate for new loans to privately held enterprises in March was about 3.41%, a decrease of 58 basis points compared to the same period last year [6].

文/《清华金融评论》 周茗一 国务院新闻办公室于2025年4月28日（星期一）上午10时举行新闻发布会，请国 家发展改革委副主任赵辰昕、人力资源社会保障部副部长俞家栋、商务部副部 长盛秋平、中国人民银行副行长邹澜介绍稳就业稳经济推动高质量发展政策措 施有关情况，并答记者问。 国家发展改革委副主任赵辰昕 表示，4月18日召开的国务院常务会议已就稳就业稳经济推动高质量发展的若干举措（下称若干举措），进行了研究。若干 举措与去年9月一揽子增量政策、中央经济工作会议和全国"两会"部署任务形成接续，是应对外部环境变化的重要举措，是落实党中央和国务院决策部署 的具体行动。 具体来看，若干举措具体包括五方面内容。 关于近期美国国债和美元汇率市场出现大幅振荡 中国人民银行副行长邹澜 表示，美国宣布对多个经济体大幅加征关税，严重侵犯各国正当权益，严重损害以规则为基础的多边治理体制，严重冲击全球 经济秩序，破坏全球经济长期稳定增长。同时，也引发了全球金融市场剧烈波动，投资者对美元资产的风险情绪上升，美元指数大幅下行，美债收益率上 升，美国股市波动加剧，全球资产组合在区域间重新配置。 在积极扩大有效投资方面，主要包括完善消费基础设 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing a moderately loose monetary policy and is exploring additional policy tools to support economic growth and stabilize the market amid global financial volatility and trade tensions with the U.S. [1][8] Monetary Policy and Economic Support - The PBOC plans to maintain ample liquidity to create a favorable financial environment for the development of private enterprises [1][6] - The central bank emphasizes the importance of a diversified investment strategy for foreign exchange reserves, stating that fluctuations in single markets or assets have a limited impact on China's reserves [3][4] - The PBOC aims to enhance financial support for private enterprises, focusing on sectors such as technology, green economy, and consumption [6][9] Financial Market Stability - The PBOC is focused on strengthening the resilience of the foreign exchange market and stabilizing market expectations, while also addressing any disruptive market behaviors [4][5] - Recent data shows that the broad money supply (M2) reached 326 trillion yuan, with a year-on-year growth of 7%, indicating a stable financial system [8] - The PBOC is prepared to adjust monetary policy tools, including potential interest rate cuts and reserve requirement ratio reductions, to ensure liquidity remains sufficient [8][9] Support for Private Enterprises - The PBOC has introduced measures to enhance financial services for private enterprises, including the implementation of the "25 measures" to support the private economy [6][7] - As of March 2023, loans to privately held enterprises amounted to approximately 45 trillion yuan, with a year-on-year increase of 2.4 trillion yuan [7] - The PBOC is also working on improving the financing mechanisms for small and medium-sized enterprises, including the establishment of a credit information sharing platform [7]

邹澜表示，将根据国内外经济形势和金融市场运行情况，适时降准降息，保持流动性充裕，发挥好货币 政策工具总量和结构双重功能，创设新的结构性货币政策工具，围绕稳就业、稳增长的重点领域精准发 力，做好金融支持。还在研究丰富政策工具箱，将适时推出增量政策，助力稳就业、稳企业、稳市场、 稳预期。 来源： 央视新闻客户端 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 三只松鼠，赴港上市！ 重要数据发布！由降转增 中国人民银行副行长邹澜4月28日在国新办新闻发布会上表示，下一阶段， 中国人民银行将继续实施好 适度宽松的货币政策 ，加力支持实体经济，同时坚持以市场供求为基础，参考一揽子货币进行调节、 有管理的浮动汇率制度，坚持市场在汇率形成中的决定性作用，增强外汇市场韧性、稳定市场预期、加 强市场管理，坚决对市场顺周期行为进行纠偏，坚决对扰乱市场秩序行为进行处置，坚决防范汇率超调 风险， 保持人民币汇率在合理均衡水平上的基本稳定 。 央行：一季度个人住房贷款增约2200亿元 中国人民银行副行长邹澜表示，今年一季度末，个人住房贷款余额38万亿，增加约2200亿元，与去年一 季度相比同比多增超过2000亿元。 发挥 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to providing strong financial support for the high-quality development of private enterprises, emphasizing the importance of policy frameworks and financial service capabilities [3][4]. Group 1: Financial Support for Private Enterprises - The PBOC has organized meetings and issued "25 measures" to support the development of private enterprises, promoting a non-discriminatory approach in financial services [3][4]. - As of March 2025, the loan balance for privately held enterprises is approximately 45 trillion yuan, with an increase of 2.4 trillion yuan in the first three months of the year [4]. - The number of credit accounts for privately held enterprises exceeds 8 million, showing a year-on-year growth of 7% [4]. Group 2: Policy Implementation and Future Directions - The PBOC plans to continue implementing a moderately loose monetary policy to maintain ample liquidity, thereby creating a favorable financial environment for private enterprises [4][5]. - There will be a targeted expansion of diversified financing channels for private enterprises, including the use of bond financing support tools and stock repurchase loans [5]. - The PBOC aims to enhance the financing support mechanism for private enterprises by promoting credit information sharing platforms and addressing issues related to credit insufficiency and information asymmetry [5].