12月18日，中国人民银行货币政策委员会召开2025年第四季度（总第111次）例会。 会议认为，今年以来宏观调控力度加大，货币政策适度宽松，持续发力、适时加力，强化逆周期调节， 综合运用多种货币政策工具，服务实体经济高质量发展，为经济稳中向好创造适宜的货币金融环境。 金融的"输血"换来了经济"造血"能力的提升。业内专家表示，近期，经济运行呈现出诸多积极信号，市 场对前景的预期边际改善。"今年以来，构建全国统一大市场、综合整治低价过度竞争有序推进，效果 已逐步显现，市场竞争秩序不断优化，工业企业利润有望维持增长态势。从政策支持来看，适度宽松的 货币政策持续显效，货币金融条件相对宽松，财政部近期又提前下达了2026年度新增地方专项债额度， 5000亿元新型政策性金融工具资金也全部投放完毕，项目总投资约7万亿元，将对投资形成有力支撑。 10月，制造业生产经营活动预期指数为52.8%，企业信心不断恢复。"招联首席研究员董希淼对《金融 时报》记者表示，"货币政策既对冲了下行压力，又没搞'大水漫灌'，这种平衡很难得。" 围绕下一阶段，王青等业内专家普遍认为，2026年央行还会通过各类流动性工具搭配组合，适时向市场 注入短 ...

中国人民银行货币政策委员会召开2025年第四季度例会。会议分析了国内外经济金融形势，认为当前外 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，但仍面 临供强需弱矛盾突出等问题和挑战。要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度， 更好发挥货币政策工具的总量和结构双重功能，加强货币财政政策协同配合，促进经济稳定增长和物价 合理回升。 （文章来源：期货日报网） ...

新京报贝壳财经讯 12月24日，中国人民银行货币政策委员会2025年第四季度(总第111次)例会于12月18 日召开。会议分析了国内外经济金融形势，认为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，但仍面临供强需弱矛盾突出等问题和挑战。要继续实施 适度宽松的货币政策，加大逆周期和跨周期调节力度，更好发挥货币政策工具的总量和结构双重功能， 加强货币财政政策协同配合，促进经济稳定增长和物价合理回升。 ...

中国人民银行12月24日发布消息称，要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度，更好发挥货币政策工具的总量和结构双重功能，加强 货币财政政策协同配合，促进经济稳定增长和物价合理回升。 中国人民银行货币政策委员会近日召开2025年第四季度例会，研究下阶段货币政策主要思路。会议提出，建议发挥增量政策和存量政策集成效应，综合运用 多种工具，加强货币政策调控，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。保持流动性充裕，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，促进社会综合融资成本低位运行。 会议还研究了政策发力方向。会议指出，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。用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资本市场稳定。持续做好支持民营经济发展 壮大的金融服务。切实推进金融高水平双向开放，提高开放条件下经济金融管理能力和风险防控能力。 此外，会议还提出，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 ...

经济观察网中国人民银行货币政策委员会2025年第四季度(总第111次)例会于12月18日召开。会议分析 了国内外经济金融形势，认为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，但仍面临供强需弱矛盾突出等问题和挑战。要继续实施适度宽松的货币政 策，加大逆周期和跨周期调节力度，更好发挥货币政策工具的总量和结构双重功能，加强货币财政政策 协同配合，促进经济稳定增长和物价合理回升。 ...

Group 1 - The core viewpoint of the article emphasizes the shift in China's monetary policy focus towards execution, reflecting confidence in the economy's stability and growth potential [1][2] - The People's Bank of China (PBOC) has adjusted its language regarding monetary policy from "implementing appropriate easing" to "ensuring detailed implementation," indicating a more stable approach in the short term [1][2] - Economic indicators show that industrial added value increased by 6.2% year-on-year in the first eight months, while the service production index remained steady at 5.9%, suggesting that the economy is performing above the 5.0% growth target [1] Group 2 - The narrowing net interest margin for commercial banks, which fell to a historical low of 1.42% in Q2, poses a challenge for monetary easing, as it could further pressure banks' profitability [2] - The PBOC is focusing on maintaining liquidity and has been using various tools like reverse repos to ensure sufficient market liquidity, especially across quarters [3] - Structural monetary policy tools are being utilized to support key sectors such as technology innovation, consumption, small and micro enterprises, and foreign trade [3] Group 3 - Coordination between fiscal and monetary policies is being emphasized, with discussions between the Ministry of Finance and the PBOC on enhancing financial market operations and government bond management [3][4] - The introduction of new policy financial tools, amounting to 500 billion yuan, aims to boost effective investment and promote stable economic growth [3] - The PBOC plans to adapt its monetary policy based on macroeconomic conditions and price trends, indicating a readiness to adjust policies as necessary [4]

Group 1 - The bond market experienced a tightening of funds in March, with economic data showing stability and improvement, leading to a divergence in the performance of interest rate bonds and credit bonds [5] - In March, the yields on 1-year, 3-year, and 5-year interest rate bonds increased, while the credit spreads for short-term credit bonds narrowed significantly, with reductions exceeding 20 basis points [5][11] - The default amount in March slightly decreased to 3.78 billion, down from 3.82 billion in the previous month, with no new defaulting entities reported [31] Group 2 - The U.S. service sector showed signs of recovery, with a slight increase in new employment, while core inflation in the U.S. declined, maintaining high inflation expectations [5][41][42] - Domestic economic indicators suggest a steady improvement, with a GDP growth rate of approximately 5.1% year-on-year for January-February, slightly lower than the previous month, but still above the annual target [5][53] - The domestic demand continues to show signs of recovery, while external demand remains resilient, although the effect of export competition has noticeably weakened [5][57] Group 3 - The monetary policy meeting in the first quarter emphasized the implementation of a moderately loose monetary policy and increased coordination between monetary and fiscal policies [5][102] - The high-frequency macro diffusion index from Guosen Securities indicates a continuous rise, suggesting improved economic growth momentum, particularly in real estate and infrastructure [5][75][71] - The report highlights the importance of monitoring the relationship between policy rates and market rates, especially in the context of a potential "negative interest rate" environment [5][107]