每经AI快讯，日本11月基础货币同比降8.5%，前值降7.8%。 ...

Core Viewpoint - The People's Bank of China (PBOC) released the "Monetary Policy Implementation Report for the Third Quarter of 2025," highlighting the relationship between base money and broader money supply, emphasizing that base money is the source of money creation and the foundation of the banking system's asset-liability activities [1] Group 1: Base Money and Broad Money - Base money, also known as "high-powered money," includes cash in circulation and commercial banks' reserves at the central bank, totaling 38.6 trillion yuan as of Q3 2025, while the broad money supply (M2) exceeded 335 trillion yuan [1] - Base money and broader money are distinct concepts; base money is a liability of the central bank, while broader money reflects the disposable funds of residents, enterprises, and governments, primarily representing commercial bank liabilities [1] Group 2: Money Creation Process - The money creation process involves central banks, commercial banks, and the real economy, where commercial banks derive deposits through asset expansion, forming broad money [2] - The ability of commercial banks to create money is influenced by the effective financing demand from the real economy, meaning that money creation occurs when there is a willingness and capacity to lend [2] Group 3: Diversification of Financing Channels - The traditional dominance of bank loans in China's financial system is evolving, with direct financing rapidly developing, allowing banks to diversify their asset expansion methods, including purchasing bonds [3][4] - As of now, bank loans account for approximately 60% of total bank assets, while the proportion of bonds held has increased from about 20% at the end of 2019 to around 25% [4] Group 4: Structural Changes in Monetary Policy - The PBOC is adapting its base money injection methods to support the evolving financing structure, utilizing structural monetary policy tools, with these tools accounting for about 13% of base money as of Q3 2025 [4] - The central bank's re-lending serves as a crucial channel for regulating base money, reflecting the borrowing relationship between the central bank and commercial banks, rather than direct loans to enterprises [4] Group 5: Long-term Financial Market Development - The development of direct financing and changes in the financing structure are expected to have profound impacts on the total money supply and financial regulation [5] - Future monetary policy will focus on transforming the regulatory framework to emphasize price-based controls, enhancing the effectiveness of interest rate adjustments in resource allocation [5]

Core Viewpoint - The People's Bank of China (PBOC) released the "Monetary Policy Implementation Report for the Third Quarter of 2025," highlighting the relationship between base money and broader money supply, emphasizing that base money is the source of money creation and affects the banking system's asset-liability activities [1] Group 1: Base Money and Broad Money - Base money, also known as "high-powered money," is a liability of the central bank and includes cash in circulation, required reserves, and excess reserves held by commercial banks [1] - As of the end of Q3 2025, China's base money balance reached 38.6 trillion yuan, while the broad money supply (M2) exceeded 335 trillion yuan [1] Group 2: Money Creation Process - The money creation process involves the central bank, commercial banks, and the real economy, where commercial banks derive deposits through asset expansion, forming broad money [2] - The ability of commercial banks to create money is fundamentally influenced by the effective financing demand from the real economy [2] Group 3: Diversification of Financing Channels - The traditional reliance on bank loans for money creation is evolving, with commercial banks increasingly engaging in direct financing through bond purchases, which also generates deposits [3] - The proportion of bank loans in total bank assets remains around 60%, while the share of bonds has increased from approximately 20% at the end of 2019 to about 25% currently [4] Group 4: Structural Changes in Financing - The rapid development of direct financing and changes in the financing structure are leading to a more diversified money creation channel for banks [4] - The PBOC is innovating its base money injection methods and utilizing structural monetary policy tools to guide financial institutions in optimizing credit allocation [4] Group 5: Future Monetary Policy Directions - The development of the financial market and changes in financing structure will have profound impacts on the total money supply and financial regulation [5] - There is a need to continue transforming the monetary policy framework to emphasize price-based regulation and deepen interest rate marketization reforms [5]

Group 1 - The core point of the article is that Japan's monetary base decreased by 7.8% year-on-year in October [1]

Core Viewpoint - Japan's base money in July decreased by 3.9% year-on-year, compared to a previous value of -3.5% [1] Group 1 - The year-on-year decline in Japan's base money indicates a tightening monetary environment [1] - The change from -3.5% to -3.9% suggests a worsening trend in liquidity conditions [1]

Core Viewpoint - Japan's monetary base in June decreased by 3.5% year-on-year, compared to a previous decline of 3.4% [1] Group 1 - The monetary base contraction indicates a continued tightening in Japan's monetary policy environment [1]

Core Viewpoint - Japan's base money in May decreased by 3.4% year-on-year, an improvement from the previous value of -4.8% [1] Summary by Category - **Monetary Policy** - The year-on-year change in Japan's base money indicates a contraction, but the rate of decline has slowed compared to the previous month [1]

Core Point - Japan's base money in April decreased by 4.8% year-on-year, compared to a previous value of -3.1% [1] Summary by Category - **Monetary Policy** - The decline in base money indicates a tightening of monetary conditions in Japan, which may impact liquidity in the financial system [1] - **Economic Implications** - A year-on-year decrease in base money could signal potential challenges for economic growth and consumer spending in Japan [1] - **Market Reactions** - Investors may react to this data by reassessing their positions in Japanese equities and bonds, considering the implications of reduced liquidity [1]