转自：新华财经 新华财经北京11月25日电（刘润榕）人民银行25日开展3021亿元7天期逆回购操作，操作利率1.40%，与前次持平；鉴于当日有9000亿元1年期中期借贷便 利（MLF）和4075亿元7天期逆回购到期，公开市场实现净回笼10054亿元。 上海银行间同业拆放利率（Shibor）延续窄幅震荡。具体来看，隔夜Shibor与前日持平，报1.3160%；7天Shibor下跌1.40BP，报1.4330%；14天Shibor下跌 0.20BP，报1.5400%。 上海银行间同业拆放利率（11月25日） 银行间质押式回购市场方面，短期资金价格整体小幅回落，R007成交额占比高位徘徊。具体看，DR001、R001加权平均利率分别下行0.1BP、0.5BP，报 1.318%、1.3843%，成交额分别减少1529亿元、409亿元；DR007、R007加权平均利率分别下行1.6BP、3.3P，报1.4541%、1.5238%，成交额分别增加347 亿元、122亿元；DR014、R014加权平均利率分别下行1.1BP、1.2BP，报1.5317%、1.533%，成交额分别减少66亿元、64亿元。 货币市场利率（11月 ...

Core Viewpoint - The People's Bank of China (PBOC) has released the monetary policy execution report for Q3 2025, highlighting the effectiveness of counter-cyclical monetary policy measures and outlining future policy directions [1][5]. Group 1: Monetary Policy Implementation - The PBOC has utilized various monetary policy tools to create a conducive financial environment for economic recovery and market stability [1][2]. - The report indicates that the monetary policy has been moderately loose, leading to a rapid growth in financial totals and an optimized credit structure, supporting key areas and strategic economic transformations [2][3]. Group 2: Financial Metrics - As of the end of September, the total social financing stock and broad money supply (M2) grew by 8.7% and 8.4% year-on-year, respectively, while the RMB loan balance reached 270.4 trillion yuan, marking a 6.6% increase [3]. - The report emphasizes that social financing costs remain low, and the credit structure continues to improve [3]. Group 3: Structural Policy Tools - The PBOC has focused on structural monetary policies to enhance financial services for economic adjustments and high-quality development, with significant growth in technology loans (11.8%), green loans (22.9%), and loans for the elderly industry (58.2%) [4]. - The balance of structural monetary policy tools supporting key initiatives reached 3.9 trillion yuan by the end of September [4]. Group 4: Future Policy Directions - The PBOC plans to maintain a moderately loose monetary policy, ensuring that social financing conditions remain relatively relaxed while enhancing the monetary policy framework and transmission mechanisms [5][7]. - The report highlights the importance of promoting reasonable price recovery as a key consideration for monetary policy, alongside efforts to lower overall financing costs [7].

四是保持汇率基本稳定。坚持市场在汇率形成中起决定性作用，发挥好汇率对宏观经济、国际收支 的调节功能，综合施策，促进预期平稳，在复杂形势下保持人民币汇率基本稳定。 五是加强风险防范化解。稳妥有序化解重点领域金融风险，持续完善金融风险监测、评估、预警体 系。 近日，中国人民银行发布2025年第三季度中国货币政策执行报告（以下简称《报告》），总结前三 季度货币政策执行情况，明确下一阶段政策思路。中国人民银行有关负责人表示，中国人民银行综合运 用数量、价格、结构等多种货币政策工具，为经济回升向好和金融市场稳定运行创造了适宜的货币金融 环境。 货币政策逆周期调节效果显现 《报告》显示，今年以来，适度宽松的货币政策持续发力，在金融总量较快增长的同时，信贷结构 也在不断优化，有力支持了重点领域、重大战略和经济结构的转型升级。 一是保持货币信贷合理增长。综合运用公开市场操作、中期借贷便利、再贷款再贴现等工具，保持 流动性充裕。引导金融机构充分满足实体经济有效信贷需求，提高资金使用效率，提升服务实体经济质 效。 二是推动社会综合融资成本下降。健全市场化的利率调控框架，强化利率政策执行，有效发挥市场 利率定价自律机制作用，带动存 ...

二是推动社会综合融资成本下降。健全市场化的利率调控框架，强化利率政策执行，有效发挥市场利率 定价自律机制作用，带动存贷款利率下行。 三是引导信贷结构调整优化。用好5000亿元服务消费与养老再贷款和新增加的科技创新和技术改造再贷 款额度，发挥好科技创新债券风险分担工具作用，加力支持提振消费、科技创新等重点内需领域，落实 好存续的结构性货币政策工具，持续做好金融"五篇大文章"。 四是保持汇率基本稳定。坚持市场在汇率形成中起决定性作用，发挥好汇率对宏观经济、国际收支的调 节功能，综合施策，促进预期平稳，在复杂形势下保持人民币汇率基本稳定。 中国人民银行实施适度宽松的货币政策，保持流动性充裕，综合运用数量、价格、结构等多种货币政策 工具，为经济回升向好和金融市场稳定运行创造了适宜的货币金融环境。 一是保持货币信贷合理增长。综合运用公开市场操作、中期借贷便利、再贷款再贴现等工具，保持流动 性充裕。引导金融机构充分满足实体经济有效信贷需求，提高资金使用效率，提升服务实体经济质效。 期货日报网讯(记者肖佳煊)11月11日，央行发布2025年第三季度中国货币政策执行报告。报告中指出， 今年，国民经济顶住压力延续稳中有进发展态 ...

五是加强风险防范化解。稳妥有序化解重点领域金融风险，持续完善金融风险监测、评估、预警体系。 一是保持货币信贷合理增长。综合运用公开市场操作、中期借贷便利、再贷款再贴现等工具，保持流动 性充裕。引导金融机构充分满足实体经济有效信贷需求，提高资金使用效率，提升服务实体经济质效。 二是推动社会综合融资成本下降。健全市场化的利率调控框架，强化利率政策执行，有效发挥市场利率 定价自律机制作用，带动存贷款利率下行。 三是引导信贷结构调整优化。用好5000亿元服务消费与养老再贷款和新增加的科技创新和技术改造再贷 款额度，发挥好科技创新债券风险分担工具作用，加力支持提振消费、科技创新等重点内需领域，落实 好存续的结构性货币政策工具，持续做好金融"五篇大文章"。 四是保持汇率基本稳定。坚持市场在汇率形成中起决定性作用，发挥好汇率对宏观经济、国际收支的调 节功能，综合施策，促进预期平稳，在复杂形势下保持人民币汇率基本稳定。 11月11日，中国人民银行发布2025年第三季度中国货币政策执行报告。报告称，今年以来，中国人民银 行实施适度宽松的货币政策，保持流动性充裕，综合运用数量、价格、结构等多种货币政策工具，为经 济回升向好和金融 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately loose monetary policy to support economic recovery and stability in the financial market, guided by Xi Jinping's leadership and the principles of socialism with Chinese characteristics [5][8]. Summary by Sections Economic Performance - In the first three quarters of the year, China's GDP grew by 5.2% year-on-year, demonstrating resilience and vitality amid pressures [5][6]. Monetary Policy Implementation - The PBOC has maintained reasonable growth in money and credit by utilizing various tools such as open market operations and medium-term lending facilities to ensure ample liquidity [6][7]. - The bank aims to reduce the overall financing costs in society by enhancing the market-oriented interest rate adjustment framework, leading to a decline in both corporate and personal loan rates [6][7]. Credit Structure Optimization - The PBOC is focusing on optimizing the credit structure by utilizing specific loan quotas for consumption, elderly care, and technological innovation, thereby supporting key areas of domestic demand [6][7]. Exchange Rate Stability - The PBOC is committed to maintaining a stable exchange rate, allowing the market to play a decisive role in its formation while ensuring the RMB remains stable against the USD [6][7]. Risk Management - The PBOC is actively working to mitigate financial risks in key areas and is enhancing its risk monitoring and assessment systems [6][8]. Future Outlook - Despite external uncertainties and challenges, the PBOC remains confident in the long-term positive trends of the Chinese economy and plans to deepen financial reforms and promote high-level opening-up [8][9].

Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2023, aiming to create a favorable monetary environment for economic recovery and financial market stability [1][2]. Monetary Policy Implementation - The PBOC has maintained reasonable growth in money and credit by utilizing various monetary policy tools such as open market operations and medium-term lending facilities to ensure ample liquidity [1][2]. - The central bank aims to reduce the overall financing costs in society by enhancing the market-oriented interest rate adjustment framework, leading to a decline in both deposit and loan rates [1][2]. - The PBOC is focusing on optimizing the credit structure by utilizing 500 billion yuan for consumption and pension-related loans, as well as increasing support for technology innovation and transformation [1][3]. Exchange Rate Stability - The PBOC emphasizes maintaining basic stability in the exchange rate, allowing the market to play a decisive role in its formation while ensuring it serves as a stabilizer for the macro economy and international balance of payments [1][4]. Financial Risk Management - The central bank is committed to systematically addressing financial risks by enhancing monitoring, assessment, and early warning systems for key financial sectors [2][6]. - The PBOC plans to maintain reasonable growth in financial aggregates and ensure that social financing conditions remain relatively loose, adapting to changes in the economic and financial landscape [2][6]. Financial Market Development - The PBOC is focused on accelerating the development of the bond market, particularly for technology enterprises, and enhancing the legal framework for corporate bonds [5]. - The central bank aims to promote the internationalization of the renminbi and expand its use in cross-border trade and investment [5].

Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2023, aiming to create a favorable monetary environment for economic recovery and financial market stability [1][2][3] Summary by Sections Monetary Policy Implementation - The PBOC has maintained ample liquidity through various monetary policy tools, including open market operations and medium-term lending facilities, to support the effective credit demand of the real economy [1][2] - The report indicates a year-on-year growth of 8.7% in social financing scale and 8.4% in broad money supply (M2) as of September, with the RMB loan balance reaching 270.4 trillion yuan [2] Financing Costs and Credit Structure - The PBOC has worked to lower the overall financing costs in society, with new corporate and personal housing loan rates decreasing by approximately 40 and 25 basis points year-on-year, respectively [2] - The PBOC is focusing on optimizing the credit structure by utilizing 500 billion yuan for consumption and pension-related loans, as well as increasing the quota for technological innovation and transformation loans [1][3] Exchange Rate Stability - The PBOC aims to maintain the RMB exchange rate stability by allowing the market to play a decisive role in its formation and implementing measures to stabilize expectations [1][3] - As of September, the RMB appreciated by 1.2% against the US dollar compared to the end of the previous year [2] Future Monetary Policy Directions - The PBOC plans to continue its moderately accommodative monetary policy, ensuring that social financing conditions remain relatively loose while enhancing the monetary policy framework [3] - The focus will be on promoting reasonable price recovery and maintaining the RMB exchange rate at a reasonable equilibrium level [3]

Core Viewpoint - The People's Bank of China (PBOC) has resumed the operation of government bond trading tools, marking a significant shift in monetary policy aimed at stabilizing the bond market and ensuring smooth transmission of monetary policy [1][2]. Group 1: Central Bank Operations - In November, the PBOC achieved a net liquidity injection of 20 billion yuan, with a net injection of 200 billion yuan through Medium-term Lending Facility (MLF) and 400 billion yuan through reverse repos [1]. - The resumption of government bond trading is a strategic move to enhance liquidity management and improve the effectiveness of the government bond yield curve [1]. - The PBOC had previously suspended government bond trading in early 2023 due to market imbalances and accumulated risks, but after nearly 10 months, the yield on 10-year government bonds has risen to around 1.8% [1]. Group 2: Market Expectations and Future Outlook - Analysts suggest that the PBOC's actions reflect a dual objective of maintaining liquidity and stabilizing market expectations, with the relatively low net purchase of 20 billion yuan indicating a cautious approach [2]. - The PBOC plans to conduct a fixed quantity, interest rate tendering, and multi-price bidding for a 700 billion yuan reverse repo operation, which is expected to be a continuation of previous operations [2]. - Future monetary policy may involve a combination of MLF, reverse repos, and government bond trading to maintain a balance between risk prevention and expectation stabilization, with an overall stable liquidity environment anticipated [2].

Core Viewpoint - The People's Bank of China (PBOC) has released liquidity injection data for October 2025, indicating a mixed approach to monetary policy with both net withdrawals and injections across various tools [1] Summary by Category Liquidity Injection and Withdrawal - The short-term reverse repos saw a net withdrawal of 595.3 billion yuan - The buyout reverse repos experienced a net injection of 400 billion yuan - The net injection from open market government bond transactions was 20 million yuan - The medium-term lending facility (MLF) had a net injection of 200 billion yuan - The pledged supplementary lending (PSL) recorded a net withdrawal of 5.5 billion yuan [1] Monetary Policy Tools Overview - The central bank's structural monetary policy tools had a net withdrawal of 17.3 billion yuan - The standing lending facility (SLF) showed a net withdrawal of 2.4 billion yuan - The MLF had a total injection of 900 billion yuan and a withdrawal of 700 billion yuan, resulting in a net injection of 200 billion yuan - The short-term reverse repos had a total injection of 47.453 billion yuan and a withdrawal of 53.406 billion yuan, leading to a net withdrawal of 5.953 billion yuan [2]