中证报中证网讯（记者 齐金钊）央行日前发布了《2025年第三季度中国货币政策执行报告》（以下简 称"报告"）。平安证券首席经济学家钟正生认为，相较于二季度报告，此次报告在政策表述、调控重 点、框架转型等方面呈现多重调整，既体现了对当前经济金融形势的精准把握，也明确了后续政策发力 方向。 此外，值得关注的是，三季度报告还新增了结构性举措，旨在精准补强发展短板。钟正生介绍，本次报 告明确三大新增政策举措：其一，优化碳减排支持工具，丰富绿色金融产品，制定高碳行业金融机构碳 核算规则，推进金融机构参与碳市场建设；其二，完善脱贫攻坚过渡期后常态化金融支持机制，重点支 持县域经济发展；其三，研究实施个人信用修复支持政策，挖掘消费潜力释放空间。这些举措体现了结 构性货币政策工具向重点领域、薄弱环节的精准滴灌。 聚焦货币政策框架转型深化，钟正生认为，三季度报告的核心看点具体包括三方面：一是优化货币政策 中间变量，逐步淡化数量目标关注，构建科学稳健的政策体系；二是推进调控框架向价格型转型，重点 理顺由短及长的利率传导关系及不同资产收益率比价关系；三是增强银行资产端与负债端利率调整联动 性，支持银行稳定净息差，为逆周期调节拓宽空 ...

Core Viewpoint - The internationalization of the Renminbi (RMB) faces significant challenges, with its global reserve amount projected to decrease to 246.31 billion USD by the first quarter of 2025, representing only 2.12% of total global allocated foreign reserves [1][2][3]. Summary by Sections Current Status of RMB Internationalization - As of the first quarter of 2025, the RMB ranks sixth among global reserve currencies, with a total reserve of 246.31 billion USD, following the US dollar, euro, pound, yen, and Canadian dollar [2][3]. - The RMB's share in global allocated foreign reserves is significantly lower than that of the leading currencies, indicating a need for improvement in its international status [3]. Challenges to RMB Internationalization - The depth and breadth of China's financial markets are insufficient compared to major reserve currency issuers, limiting foreign investors' willingness to hold RMB assets [4]. - The RMB lacks sufficient influence in international payment and settlement systems, relying heavily on the SWIFT system, while its own CIPS system requires further development [4]. - Policy coordination and institutional guarantees are inadequate, with China's financial market lacking the maturity and transparency found in other major economies [4][6]. Future Strategies for RMB Internationalization - Deepening financial market reforms is essential, including enhancing the transparency and legal framework of RMB financial assets and expanding access for foreign investors [7][9]. - Improving the infrastructure for cross-border RMB usage, such as accelerating the development of the CIPS system and establishing local clearing arrangements with countries along the Belt and Road Initiative [7][9]. - Cultivating a RMB-denominated asset system by encouraging domestic companies to issue RMB-denominated bonds abroad and promoting RMB settlement in commodity trading [9]. - Strengthening international monetary cooperation, particularly with emerging economies, to enhance bilateral currency swap agreements and regional currency coordination [9][10]. - Gradually advancing capital account convertibility while ensuring macro-prudential management to prevent systemic financial risks [10][12]. Conclusion - The internationalization of the RMB is a complex process that requires a proactive approach, including open financial markets, improved infrastructure, and innovative financial products, to establish the RMB as a necessary global currency [12].