2025.11.13 本文字数：2633，阅读时长大约4分钟 作者 |第一财经 杜川 11月11日，央行发布2025年第三季度中国货币政策执行报告，其中多篇专栏文章均指向央行货币政策框 架的演进方向，并在专栏《保持合理的利率比价关系》中明确，保持合理的利率比价关系是畅通货币政 策传导的需要，因此备受关注。 该专栏重点厘清了五组核心利率比价关系，即央行政策利率和市场利率的关系、商业银行资产端和负债 端利率的关系、不同类型资产收益率的关系、不同期限利率的关系、不同风险利率的关系。 在市场分析看来，这一表述直指当前市场存在的比价失衡问题。比如，部分领域出现市场利率与政策利 率变动不同步、银行存贷利率因"内卷"导致利差承压、同一主体发债与贷款利率差距过大、期限利率曲 线阶段性倒挂，甚至部分企业贷款利率低于同期限国债收益率等违背风险定价原则的现象。 "十五五"规划提出，要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。 市场权威专家表示，三季度货币政策报告专栏详细介绍了央行政策利率通过金融体系传导至不同细分市 场的利率传导机制，保持合理的利率关系，正是未来畅通利率传导机制的客观需要，有助 ...

Core Viewpoint - The central bank emphasizes the need to strengthen the foundation for economic recovery and maintain a relatively loose social financing condition, indicating a continuation of previous monetary policy frameworks and the "14th Five-Year Plan" recommendations [1][8]. Group 1: Financial Indicators - The central bank highlights that financial totals reflect the strength of financial support for the real economy, suggesting that social financing (社融) and M2 money supply will be more comprehensive indicators for evaluating monetary policy effectiveness [2][9]. - During the "14th Five-Year Plan" period, the annual growth rate of social financing and M2 is expected to be around 9%-10%, which is higher than the nominal economic growth rate [2][9]. - The central bank indicates that a loan growth rate that is slightly lower is reasonable, reflecting changes in the financial supply side structure, and emphasizes the importance of optimizing the use of existing funds [2][10]. Group 2: Monetary Policy Framework - The relationship between base money and currency is discussed, noting that changes in financial markets and financing structures have deep impacts on monetary control [3][11]. - The central bank is urged to shift its policy adjustment model to rely more on price (interest rate) controls due to the complexities in creating broad liquidity [3][12]. Group 3: Digital Economy Support - The central bank reports that by the end of September 2025, loans to core industries of the digital economy are expected to reach 8.2 trillion yuan, with a year-on-year growth of 13.0% [4][13]. - It is noted that over 4,600 projects for the intelligent and digital transformation of traditional industries have been supported, with loan contracts amounting to approximately 1.8 trillion yuan [4][13]. - The central bank plans to leverage the dual drivers of "digital technology + data elements" to enhance financial services and governance in the digital finance sector [4][14]. Group 4: Interest Rate Relationships - The importance of maintaining reasonable interest rate relationships is emphasized, as it is crucial for the effective transmission of monetary policy [5][15]. - The central bank's policy interest rates should guide market interest rates, ensuring that the yield curve remains upward sloping to provide positive incentives [5][16]. - The central bank has been actively working to ensure that deposit and loan rates reflect policy rate adjustments while maintaining stable risk pricing and interest margins [5][17].