Core Viewpoint - The People's Bank of China (PBOC) has implemented a series of significant monetary policy measures to support economic recovery and enhance financial market confidence, as reported during the 18th meeting of the Standing Committee of the 14th National People's Congress [1] Monetary Policy Execution - Following the Central Political Bureau's directives on September 26, 2024, the PBOC introduced a comprehensive set of monetary policy measures aimed at maintaining an appropriately accommodative monetary stance starting in 2025 [1] - In May, new monetary policy measures were launched, including further reductions in reserve requirement ratios (RRR) and interest rates, alongside increased structural support for technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade [1] - As of the end of September, the year-on-year growth rates for the total social financing scale and broad money supply were 8.7% and 8.4%, respectively [1] - The weighted average interest rate for newly issued corporate loans was reported at 3.14% in September [1] - The execution and transmission of monetary policy have been strengthened, resulting in ample liquidity, reasonable growth in financial aggregates, and historically low social financing costs, which collectively contribute to boosting market confidence and improving social expectations [1]

Core Insights - The People's Bank of China Shenzhen Branch reported that the weighted average interest rate for new corporate loans in Shenzhen is at a historical low of 2.85% as of June 2025, reflecting a year-on-year decrease of 0.52 percentage points [1] Group 1 - The new corporate loan interest rate in Shenzhen is significantly lower than historical averages, indicating a favorable borrowing environment for businesses [1] - The decline in interest rates may stimulate corporate investment and economic activity in the region [1]