Core Viewpoint - The Chinese economy is showing a positive trend despite global economic challenges, with a focus on maintaining stable employment and promoting high-quality development through effective financial policies [2][3][4]. Economic Environment - Recent U.S. tariff increases on multiple economies have disrupted global economic stability and financial markets, leading to heightened risk sentiment towards U.S. dollar assets and significant fluctuations in the dollar index and U.S. stock markets [3]. - In contrast, China's economy is experiencing a good start with a continued recovery trend, supported by a resilient financial system and stable financial markets [4]. Currency and Foreign Exchange - The RMB/USD exchange rate remains stable around 7.3, with China's foreign exchange reserves adhering to principles of safety, liquidity, and value preservation [4]. - The impact of single market or asset fluctuations on China's foreign exchange reserves is limited due to a diversified investment approach in international financial markets [4]. Future Policy Directions - The People's Bank of China plans to maintain a moderately accommodative monetary policy to further support the real economy [4]. - The central bank will enhance market management, correct pro-cyclical behaviors, and prevent excessive fluctuations in the exchange rate to ensure the RMB remains stable at a reasonable and balanced level [4].

Group 1 - The core viewpoint is that the Chinese economy is expected to continue its recovery and high-quality development, which will support the stability of the RMB exchange rate despite external uncertainties [1][2] - The economic foundation of China is solid, with recent policy measures from the Central Political Bureau aimed at enhancing economic performance [1] - The balance of international payments is stable, with foreign trade enterprises diversifying markets and responding quickly to global demand [1] Group 2 - The foreign exchange market shows resilience, with more mature market participants and rational trading behaviors, leading to an increase in the use of foreign exchange derivatives for hedging [1] - The scale of foreign exchange reserves remains stable, with reserves maintaining above 3.2 trillion USD in recent months [1] - The People's Bank of China will continue to implement a moderately loose monetary policy to support the real economy while managing the exchange rate based on market supply and demand [2]

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy to support the real economy while maintaining a managed floating exchange rate system based on market supply and demand and a basket of currencies [1] Group 1: Monetary Policy - The PBOC aims to enhance support for the real economy through appropriate monetary policy measures [1] - The central bank emphasizes the importance of market supply and demand in determining exchange rates [1] Group 2: Exchange Rate Management - The PBOC will reference a basket of currencies for exchange rate adjustments, ensuring a managed floating exchange rate system [1] - The central bank intends to strengthen the resilience of the foreign exchange market and stabilize market expectations [1] Group 3: Market Regulation - The PBOC will take measures to correct pro-cyclical market behaviors and address actions that disrupt market order [1] - There is a commitment to prevent excessive fluctuations in the exchange rate and maintain the stability of the RMB at a reasonable and balanced level [1]

Group 1 - The core viewpoint of the article emphasizes the establishment of new structural monetary policy tools to support technological innovation, expand consumption, and stabilize foreign trade, which is a detailed deployment of moderately loose monetary policy [1][2] - Structural monetary policy tools have become an important means to support the real economy, combining both total and structural functions, and ensuring the effective allocation of central bank funds to specific sectors [1][2] - As of the end of Q1 2025, there are 10 structural monetary policy tools in existence with a total balance of 5.9 trillion yuan, covering key areas such as real estate and capital markets [1][2] Group 2 - Supporting technological innovation through structural monetary policy tools can provide low-cost funding for enterprises, facilitating R&D activities and enhancing overall economic competitiveness [2] - Consumption plays a fundamental role in economic growth, and expanding consumption can effectively stimulate domestic demand, especially as residents' income levels rise [2] - The meeting highlighted the establishment of "service consumption and elderly re-loans," indicating the potential for service consumption to grow significantly, with current service consumption accounting for 46.1% of per capita consumption expenditure [2] Group 3 - Looking ahead, structural monetary policy tools are expected to continue optimizing and enhancing their effectiveness, working in conjunction with total monetary policy tools to create a favorable monetary and financial environment for high-quality economic development [3]

Group 1 - The Jinan Municipal Development and Reform Commission held a training session to accelerate the implementation of national financial support policies, focusing on industry policies, financial policies, venture capital fund policies, project approval, and credit support [1] - The government emphasizes financing support for small and micro enterprises, establishing a four-level financing coordination mechanism to extend loan renewals to all small and micro enterprises with genuine financing needs [1] - Financial regulatory authorities will address the pain points and challenges faced by small and micro enterprises in loan renewals by coordinating with relevant banks [1] Group 2 - There is a strong demand for technological transformation and upgrades among enterprises, with expectations for significant adjustments in re-loan policies for technological innovation and upgrades by 2025 [2] - Local governments and enterprises are encouraged to prepare projects in various sectors, particularly focusing on high-end, intelligent, and green equipment applications to leverage policy benefits [2] - Commercial banks face pressures from narrowing interest margins and local debt risks, which may constrain credit issuance [2] Group 3 - Equity financing support is crucial, especially for technology and emerging industry enterprises, with the establishment of a national venture capital guidance fund aimed at strengthening innovative enterprises [3] - The national venture capital guidance fund is expected to focus on cutting-edge strategic emerging industries such as AI, hydrogen energy storage, embodied intelligence, 6G, and quantum technology [3] - Local governments, outstanding enterprises, and venture capital fund managers are advised to seize opportunities for early action and positive engagement with relevant departments to achieve a win-win situation for fund implementation and enterprise financing [3]

潘功胜强调，经济碎片化与贸易紧张局势持续扰乱产业链供应链、削弱全球经济增长动能，贸易战、 关税战没有赢家，主要经济体应加强参与国际宏观经济金融政策协调，采取实质行动推动国际合作， 维护全球经济和金融稳定。当前中国经济开局良好，延续回升向好态势，金融市场运行平稳。中国人 民银行将实施好适度宽松的货币政策，推动中国经济高质量发展。 据央行网站，2025年4月23日-24日，二十国集团(G20)在美国华盛顿召开今年第二次G20财长和央行 行长会。会议讨论了全球经济展望、完善国际金融架构、应对非洲发展和增长困境等议题。中国人民 银行行长潘功胜出席会议并发言，中国人民银行副行长宣昌能参加会议。 与会各方表示，全球经济持续复苏，但下行风险显著上升，贸易紧张局势、融资条件收紧、长期结构 性挑战交织叠加。各方对贸易摩擦升级的负面影响表示担忧，呼吁加强对话和政策协调，完善多边贸 易体系，寻求符合各方利益的解决方案。各方支持构建更稳定、更高效、更有韧性的国际金融架构， 强化多边开发银行融资能力，继续提供发展融资。 ...

新华财经成都4月23日电（记者袁波）记者23日从中国人民银行四川省分行举行的2025年一季度四川金 融运行情况新闻发布会获悉，3月末，四川省本外币各项贷款余额12.4万亿元，同比增长11.6%，增速较 上年末高0.4个百分点，较全国同期高4.7个百分点。 此外，中国人民银行四川省分行会同四川省财政厅升级财金互动政策4.0版，专项增设消费贷款贴息奖 补，对居民购买汽车、家电家具、电子产品以及住房装修等消费场景的贷款给予1.5%的利息补贴。目 前，已完成两轮消费贷款贴息，累计兑现财政资金近6000万元，涉及消费贷款超40亿元，惠及2.7万人 次。 （文章来源：新华财经） 中国人民银行四川省分行积极贯彻落实适度宽松的货币政策，引导金融机构加大对实体经济的金融支持 力度，切实增强金融总量增长的稳定性、适配性。一季度，四川省本外币各项贷款余额较年初增加6697 亿元，同比多增1148亿元，当季信贷增量创历史新高。3月末，四川省本外币各项存款余额14.2万亿 元，同比增长9.5%。一季度，四川省本外币各项存款余额较年初增加8007亿元，同比多增1114亿元。 地区社会融资规模较年初增加8532亿元，同比多增1469亿元。 ...

4月23日，人民银行深圳市分行、国家外汇管理局深圳市分局举行2025年第一季度新闻发布会，全面披 露深圳金融运行情况。 南都·湾财社记者了解到，截至今年一季度末，深圳市本外币各项存款余额达13.97万亿元，本外币各项 贷款余额9.81万亿元，存款、贷款一季度增量均超过3000亿元。金融支持实体经济方面，深圳市制造业 贷款余额达1.26万亿元，较上年末提升0.6个百分点；普惠小微贷款余额达1.90万亿元，占各项贷款的比 重为19.3%。 一季度末深圳市本外币各项存款余额13.97万亿元 值得一题的是，人民银行深圳市分行还通过强化利率政策执行，推动金融机构加强利率自律管理，提升 自主理性定价能力，兼顾银行业稳健经营和社会综合融资成本稳中有降，为促消费、扩投资创造有利的 利率环境。 据人民银行深圳市分行相关负责人透露，2025年3月，深圳金融机构新发放企业贷款加权平均利率 2.79%，同比下降0.71个百分点。 人民银行深圳市分行相关负责人表示，2025年一季度，该行坚决落实适度宽松的货币政策，有力支持深 圳经济持续回升向好。 数据显示，截至今年一季度末，深圳市本外币各项存款余额达13.97万亿元，本外币各项贷款余 ...

据了解，中国人民银行四川省分行持续疏通利率传导机制，引导金融机构继续推动企业和居民融资成本 稳中有降。今年3月，四川新发放企业贷款加权平均利率3.93%，首度降至4%以下，同比下降27个BP； 新发放普惠小微和个人住房贷款加权平均利率分别为3.78%和3.04%，同比分别下降45个和71个BP，继 续处于历史低位，居民和企业利息负担进一步减轻。 据介绍，中国人民银行四川省分行积极贯彻落实适度宽松的货币政策，引导金融机构加大对实体经济的 金融支持力度，切实增强金融总量增长的稳定性、适配性。 3月末，全省本外币各项存款余额14.2万亿元，同比增长9.5%，增速较上年末高0.4个百分点，较全国同 期高2.6个百分点。一季度，本外币各项存款余额较年初增加8007亿元，同比多增1114亿元。地区社会 融资规模较年初增加8532亿元，同比多增1469亿元。 中国人民银行四川省分行引导金融机构多措并举，围绕金融"五篇大文章"等重点领域和薄弱环节，因地 制宜挖掘信贷增长点，加快调整优化信贷结构。从区域看，宜宾(19%)、绵阳(16%)、眉山(15.9%)、泸 州(15.8%)等省域经济副中心城市贷款增速领跑全省；从行际看，全 ...

Group 1 - The People's Bank of China (PBOC) Vice Governor Xuan Changneng attended and chaired the ASEAN+3 Finance and Central Bank Deputies' Meeting in Kuala Lumpur, Malaysia, on April 8-9, 2025 [1] - The meeting discussed the impact of U.S. tariff policies on global and regional macroeconomic conditions, the enhancement of the Chiang Mai Initiative Multilateralization (CMIM) mechanism, and the establishment of the ASEAN+3 Macroeconomic Research Office (AMRO) [1] - A consensus was reached on deepening regional policy coordination and strengthening the regional financial safety net, with a legal arrangement for RMB funding under the CMIM mechanism being unanimously approved [1] Group 2 - Xuan emphasized that in response to rising global uncertainties, the PBOC will implement a moderately accommodative monetary policy to support stable financial market operations and consolidate the economic recovery [1] - Bilateral discussions were held with South Korean and Singaporean officials regarding the impact of global uncertainties on their respective countries [1]