Core Insights - The People's Bank of China (PBOC) has released the "Monetary Policy Implementation Report for the Third Quarter of 2025," outlining the future monetary policy direction [1] - The report highlights significant external uncertainties and challenges to international economic trade order, while also acknowledging risks to domestic economic performance [1] - The third quarter GDP growth was reported at 4.8%, a decrease of 0.4 percentage points from the second quarter, prompting the PBOC to emphasize the need for stronger domestic economic recovery [1] Monetary Policy Direction - The PBOC signals the implementation of a moderately accommodative monetary policy and the strengthening of policy execution and transmission [1] - There is a possibility of a further 10 basis points interest rate cut in the fourth quarter if domestic demand does not recover sufficiently, aimed at reducing financing costs and stabilizing overall demand [1] Support for Consumption - The report introduces measures to support personal credit repair, which is seen as a continuation and deepening of financial support for consumption system construction [1] Renminbi Internationalization - The PBOC's stance on Renminbi internationalization is increasingly positive, identifying "capital account opening" and "cross-border payments" as key strategies [1] Structural Optimization - The PBOC is focusing on the internal coordination of the interest rate system, indicating a shift in monetary policy from total volume control to a dual emphasis on structural optimization and effective transmission [1]