2月10日，央行官网发布《2025年第四季度中国货币政策执行报告》（以下简称《报告》）。 《报告》指出，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。 价格方面，健全市场化的利率形成、调控和传导机制，理顺政策利率向各类市场利率的传导关系，进一 步做好明示贷款综合融资成本工作，推动规范融资中间费用，促进社会综合融资成本低位运行。综合施 策、稳定预期，保持人民币汇率在合理均衡水平上的基本稳定。 根据央行披露数据，2025年金融总量保持较快增长，年末社会融资规模存量、广义货币供应量（M2） 同比分别增长8.3%和8.5%，明显高于名义GDP增速。人民币贷款还原地方化债影响后也在7%左右，信 贷支持力度持续加强。社会综合融资成本低位下行，2025年12月新 ...

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately accommodative monetary policy, focusing on promoting stable economic growth and reasonable price recovery, while adjusting the policy's intensity, rhythm, and timing based on domestic and international economic conditions [1][2]. Group 1: Monetary Policy Implementation - The PBOC's report for the fourth quarter of 2025 indicates that it will introduce a comprehensive monetary and financial policy package to strengthen counter-cyclical adjustments, effectively supporting stable growth in the real economy and smooth operation of financial markets [1]. - By the end of 2025, the total financial volume is expected to maintain rapid growth, with the social financing scale and broad money supply (M2) increasing by 8.3% and 8.5% year-on-year, respectively, significantly outpacing nominal GDP growth [1]. Group 2: Credit Structure and Support - After adjusting for local government debt impacts, RMB loans are projected to grow by around 7%, indicating sustained strong credit support [1]. - The credit structure continues to optimize, with technology loans, green loans, inclusive loans, elderly care industry loans, and digital economy industry loans growing by 11.5%, 20.2%, 10.9%, 50.5%, and 14.1% year-on-year, respectively, all exceeding the overall loan growth rate [1]. Group 3: Future Monetary Tools and Support - In 2025, the PBOC increased the quotas for re-loans for technological innovation and agricultural support by 300 billion yuan each, established 500 billion yuan for consumer services and elderly care re-loans, and created a 200 billion yuan risk-sharing tool for technology innovation bonds [2]. - The PBOC aims to effectively implement various structural monetary policy tools, enhance financial support for key areas such as domestic demand expansion, technological innovation, and small and micro enterprises, while also improving macro-prudential and financial stability management tools [2].

报告强调，要继续实施好适度宽松的货币政策，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，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。 （文章来源：中国新闻网） 报告显示，金融总量保持较快增长，年末社会融资规模存量、广义货币供应量(M2)同比分别增长8.3% 和8.5%，明显高于名义GDP增速；人民币贷款还原地方化债影响后增长7%左右，信贷支持力度持续较 强；社会综合融资成本进一步下行，12月新发放企业贷款利率、个人住房贷款利率均在3.1%左右；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、数字经济产业贷款分别同比增 长11.5%、20.2%、10.9%、50.5%、14.1%，均保持两位数增长，持续高于全部贷款增速。 此外，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%，中国外汇交易中心(CFETS)人民币汇率指数为97.99，较2024年末贬值3.4%。 业内专家表示，上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，中国 央 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the coordination between monetary and fiscal policies to support domestic demand expansion and enhance macroeconomic governance effectiveness in the upcoming stages [1][7]. Group 1: Monetary Policy Execution in 2025 - In 2025, the banking system maintained ample liquidity, with a notable increase in social financing scale, including significant growth in government bonds, corporate bonds, and non-financial corporate domestic stock financing compared to the previous year [4]. - The cumulative effects of the moderately loose monetary policy from the previous year are expected to continue impacting the financial structure, with a decrease in traditional bank credit proportion [4]. Group 2: Coordination of Fiscal and Monetary Policies - The report identifies three main ways to enhance the coordination between monetary and fiscal policies: 1. Maintaining market liquidity through open market operations to support efficient government bond issuance [7]. 2. Utilizing "re-lending + fiscal subsidies" to optimize financial resource allocation [7]. 3. Sharing risk costs through guarantees to increase financing support for enterprises [7]. Group 3: Asset Allocation and Liquidity - Recent trends show a slowdown in growth of household and corporate deposits, while the scale of wealth management and asset management products has increased significantly [9]. - The shift in asset allocation does not imply a significant change in overall liquidity, as most funds are expected to return to the banking system [9]. Group 4: Future Monetary Policy Directions - The PBOC plans to implement counter-cyclical and cross-cyclical adjustments, maintaining a moderately loose monetary policy while ensuring reasonable growth in financial totals [11]. - The focus will be on enhancing financial support for key areas such as domestic demand, technological innovation, and small and medium-sized enterprises [11]. - The report emphasizes the importance of maintaining a stable RMB exchange rate and advancing interest rate marketization reforms [12].

2025年适度宽松的货币政策效果逐步显现。金融总量保持较快增长，年末社会融资规模存量、广义货币 供应量（M2）同比分别增长8.3%和8.5%，明显高于名义GDP增速。人民币贷款还原地方化债影响后增 长7%左右，信贷支持力度持续较强。社会综合融资成本进一步下行，12月新发放企业贷款利率、个人 住房贷款利率均在3.1%左右。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、数字经济产业贷款分别同比增长11.5%、20.2%、10.9%、50.5%、14.1%，均保持两位数增长，持续 高于全部贷款增速。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%，中国外汇交易中心（CFETS）人民币汇率指数为97.99，较2024年末 贬值3.4%。 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， 但仍存在供强需弱等挑战。同时，我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和 基本趋势没有变，要 ...

责任编辑：山上 央行发布2025年第四季度中国货币政策执行报告。继续实施好适度宽松的货币政策。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。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，引导金融总量合理增长、信贷均衡投放，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。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，促进社会综 合融资成本低位运行。有序扩大明示企业贷款综合融资成本工作覆盖面。发挥好货币政策工具总量和结 构双重功能，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。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，发挥汇率调节宏观经济和国际收支自动稳定器功能，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的基本稳定。拓展丰富中央银行宏观 ...

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 considering domestic and international economic conditions [1][8][9] Monetary Policy Implementation - The report advocates for the effective use of various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions [10] - It aims to guide banks in maintaining stable credit support and ensuring reasonable growth in financial aggregates [10] - The report highlights the importance of a stable RMB exchange rate and the enhancement of macro-prudential and financial stability management tools [10] Financial Support for Key Areas - The report stresses the need for financial institutions to support key areas such as domestic demand expansion, technological innovation, and small and medium-sized enterprises [11] - It calls for the optimization of re-loans for technological innovation and the establishment of a comprehensive financial service system for technology [11] - The report also emphasizes the importance of green finance and the support for the elderly care finance system [11] Direct Financing Development - The report indicates a significant increase in government bond financing, corporate bond net financing, and domestic stock financing in 2025 [12] - It mentions the issuance of over 1.5 trillion yuan in technology innovation bonds, contributing to a new ecosystem for capital market investment [12] Price Trends - The report shows positive changes in price trends, with the CPI rising by 0.8% year-on-year in December 2025, reaching the highest level since March 2023 [14] - Core CPI, excluding food and energy, increased by 1.2%, maintaining above 1% for four consecutive months [14] - The report notes that the PPI decreased by 1.9%, with a narrowing decline compared to previous months [14] Liquidity Analysis - The report discusses the merging of asset management products and bank deposits to better assess liquidity conditions [15] - It highlights that recent trends show a slowdown in deposit growth while asset management product scales have increased significantly [15] - The report indicates that the central bank has provided ample liquidity through various tools, with a net injection of 6 trillion yuan in open market operations in 2025 [15]

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 [2] Group 1: Monetary Policy Implementation - The report highlights the importance of adjusting the strength, pace, and timing of policy implementation based on domestic and international economic conditions and financial market operations [2] - It advocates for the flexible and efficient use of various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity and relatively loose social financing conditions [2] - The goal is to align the growth of social financing scale and money supply with economic growth and price level expectations [2] Group 2: Interest Rate Management - The report calls for further improvement of the interest rate adjustment framework and strengthening the guidance of central bank policy rates [2] - It emphasizes the need to enhance the market-based interest rate formation and transmission mechanism, and to utilize self-discipline in market interest rate pricing [2] - The aim is to lower bank funding costs and promote low-level operation of comprehensive financing costs for society [2] Group 3: Structural Monetary Policy Tools - The report stresses the effective implementation of various structural monetary policy tools to support key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises [2] - It highlights the importance of maintaining a managed floating exchange rate system and ensuring the flexibility of the exchange rate to stabilize the macroeconomy and international balance of payments [2] - The report also mentions the need to strengthen expectation guidance and prevent excessive exchange rate fluctuations, maintaining the RMB exchange rate at a reasonable and balanced level [2] Group 4: Financial Stability - The report aims to expand and enrich the central bank's macro-prudential and financial stability functions, enhancing the toolbox for macro-prudential and financial stability management [2] - It emphasizes the maintenance of financial market stability and the commitment to preventing systemic financial risks [2]

Core Viewpoint - The article emphasizes the implementation of a moderately loose monetary policy in China, aimed at supporting stable economic growth and addressing challenges in the current external environment while ensuring financial stability [1][4]. Group 1: Monetary Policy Implementation - The People's Bank of China (PBOC) has adopted a series of monetary policies to maintain reasonable growth in money and credit, ensuring liquidity is abundant to meet the effective credit demand of the real economy [1][6]. - The PBOC has reduced policy interest rates and housing provident fund loan rates to lower the overall financing costs in society, thereby supporting economic stability [2][6]. - 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 [3]. Group 2: Support for Key Areas - The PBOC has increased the quotas for re-loans to support technological innovation and agricultural financing by 300 billion yuan each, and created 500 billion yuan for consumer services and elderly care loans [2]. - Financial support for key sectors has been enhanced, with significant year-on-year growth in loans for technology (11.5%), green projects (20.2%), and the elderly care industry (50.5%) [3]. Group 3: Financial Stability and Risk Management - The PBOC has established a macro-prudential and financial stability committee to improve the management and stability of the financial system, focusing on risk resolution in key institutions and regions [2][5]. - The Chinese yuan has maintained basic stability against the US dollar, with a closing exchange rate of 6.9890 yuan at the end of 2025, appreciating by 4.4% compared to the end of 2024 [3]. Group 4: Future Outlook - The PBOC will continue to implement a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery, while adjusting policies based on domestic and international economic conditions [6]. - The emphasis will be on balancing short-term and long-term goals, supporting the real economy, and maintaining the health of the banking system [5][6].

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， 但仍存在供强需弱等挑战。同时，我国经济基础稳、优势多、韧性强、潜能大，长期向好的支撑条件和 基本趋势没有变，要坚定信心、用好优势、应对挑战，不断巩固拓展经济稳中向好势头。下阶段，中国 人民银行将坚持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大和二十届历次 全会、中央经济工作会议精神，牢牢把握高质量发展首要任务，扎实推进中国式现代化，坚持稳中求进 工作总基调，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。坚定不移走中国特色金融发展之路，进一 步深化金融改革和高水平对外开放，加快建设金融强国，完善中央银行制度，构建科学稳健的货币政策 体系和覆盖全面的宏观审慎管理体系，畅通货币政策传导机制。平衡好短期与长期、支持实体经济与保 持银行体系自 ...