文 谭志娟 2025年是"十四五"规划收官之年，也是"十五五"规划谋篇布局的关键节点。这一年，中国人民银行坚定 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。 面向2026年"十五五"规划开局之年，2025年12月10日至11日召开的中央经济工作会议明确定调"要继续 实施适度宽松的货币政策""灵活高效运用降准降息等多种政策工具""保持流动性充裕"等。作为我国经 济发展和政策走向的风向标，这一部署为新一年货币金融工作锚定方向，彰显了以适度宽松环境支持实 体经济高质量发展的坚定决心。 多位业界专家在接受《中国经营报》记者采访时表示，2025年货币政策围绕稳增长、促复苏的核心目标 精准发力，整体实施效果显著，为高质量发展筑牢了金融根基。2026年货币政策有望延续适度宽松的基 调，发力方向将更注重精准性与协同性。 延续适度宽松基调 2025年，央行实施降准0.5个百分点，向金融市场提供长期流动性约1万亿元；公开市场操作、中期借贷 便利（MLF）、再贷款再贴现等多种货币政策工具精准操作，为实体经济融资提供充裕的流动性环 境 ...

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].

Core Insights - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy to support economic recovery and stabilize financial markets, with GDP growth of 5.2% year-on-year in the first three quarters of the year [1] Group 1: Monetary Policy Implementation - The PBOC is maintaining 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] - 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 deposit and loan interest rates [1] - The PBOC is optimizing the credit structure by utilizing 500 billion yuan for consumer services and elderly care re-lending, as well as increasing funding for technological innovation and transformation [1] Group 2: Exchange Rate Stability - The PBOC emphasizes maintaining basic stability of the exchange rate, allowing the market to play a decisive role in exchange rate formation while ensuring the exchange rate's regulatory function on the macroeconomy and international balance of payments [2] Group 3: Risk Management - The PBOC is focused on steadily resolving financial risks in key areas and improving the financial risk monitoring, assessment, and early warning systems [3] - The central bank plans to maintain reasonable growth in financial aggregates and implement a moderately accommodative monetary policy, ensuring that social financing conditions remain relatively loose [3] - The PBOC will closely monitor changes in the monetary policies of major overseas central banks and strengthen analysis and monitoring of liquidity supply and demand in the banking system [3]

Core Viewpoint - The People's Bank of China (PBOC) has implemented a moderately accommodative monetary policy in 2023, ensuring ample liquidity and creating a favorable monetary environment for economic recovery and financial market stability [1][2] Summary by Relevant Sections Monetary Policy Implementation - The PBOC has utilized various monetary policy tools, including open market operations, medium-term lending facilities, and re-lending, to maintain sufficient liquidity and support the effective credit demand of the real economy [1] - The report emphasizes the importance of improving the efficiency of fund utilization and enhancing the quality of services provided to the real economy [1] Financing Costs and Interest Rates - A market-oriented interest rate adjustment framework has been established 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 broad money supply (M2) increased by 8.4% year-on-year as of the end of September, indicating a reasonable growth in financial volume [2] Credit Structure Optimization - The PBOC has allocated 500 billion yuan for re-lending to support consumption and elderly care, along with additional funds for technological innovation and transformation [1] - The report highlights the ongoing optimization of the credit structure, with a focus on boosting consumption and technological innovation [1][2] Exchange Rate Stability - The PBOC aims to maintain basic stability of the exchange rate, allowing the market to play a decisive role in its formation while ensuring that the exchange rate serves as a regulator for the macroeconomy and international balance of payments [1] - As of the end of September, the RMB appreciated by 1.2% against the US dollar compared to the end of the previous year [2] Risk Prevention and Financial Stability - The PBOC is focused on systematically addressing financial risks in key areas and enhancing the monitoring, assessment, and early warning systems for financial risks [2] - The effectiveness of counter-cyclical monetary policy adjustments is gradually becoming evident, contributing to the overall stability of the financial system [2]

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 implemented a series of monetary policy measures in the first half of 2025, focusing on counter-cyclical adjustments to support economic recovery and enhance the efficiency of financial resource allocation to the real economy [3][5]. Monetary Policy Measures - The report outlines five key areas of monetary policy implementation: maintaining reasonable growth in money and credit, reducing overall financing costs, optimizing credit structure, stabilizing the exchange rate, and enhancing risk prevention and resolution [3][4]. - In May, the PBOC lowered the reserve requirement ratio by 0.5 percentage points, injecting approximately 1 trillion yuan into the market, and utilized various tools to guide financial institutions in improving service quality to the real economy [3][4]. Financing Costs and Credit Structure - The PBOC has established a market-oriented interest rate adjustment framework, reducing policy rates by 0.1 percentage points and structural monetary policy tool rates by 0.25 percentage points in May, leading to a decline in both deposit and loan rates [4][5]. - The report indicates a significant shift in the credit structure, with loans to technology, green, and inclusive finance sectors now accounting for a substantial portion of new loans, reflecting a transformation in economic growth drivers [5][6]. Future Focus Areas - The PBOC emphasizes enhancing the quality of financial services as the main focus for future credit allocation, with a commitment to developing inclusive finance and supporting technological innovation [8][9]. - The report highlights the need for financial support to promote consumption, particularly in the service sector, which currently has growth potential due to low service consumption ratios among residents [9]. Economic Indicators - As of June, the total social financing scale and broad money supply (M2) grew by 8.9% and 8.3% year-on-year, respectively, with the balance of RMB loans reaching 268.6 trillion yuan [5][6]. - The report notes that the proportion of direct financing has steadily increased, with corporate bonds, government bonds, and non-financial corporate stock financing gaining a larger share in the social financing scale compared to the end of 2018 [6].

Core Viewpoint - The report highlights the implementation of proactive macroeconomic policies under the leadership of the central government, resulting in a stable economic performance with a GDP growth of 5.3% year-on-year in the first half of the year, reflecting strong vitality and resilience in the economy [2]. Monetary Policy Implementation - The People's Bank of China (PBOC) has adopted a moderately loose monetary policy, utilizing various tools to support high-quality economic development and create a favorable monetary environment for sustained economic recovery [2][3]. - Key measures include a 0.5 percentage point reduction in the reserve requirement ratio in May, providing approximately 1 trillion yuan in long-term liquidity to the market [3]. Financing and Interest Rates - The PBOC aims to maintain reasonable growth in money and credit, with efforts to lower the overall financing costs in society. In May, the policy interest rate was reduced by 0.1 percentage points, and the rates for structural monetary policy tools and personal housing provident fund loans were lowered by 0.25 percentage points [3]. - As of June, the social financing scale and broad money supply (M2) grew by 8.9% and 8.3% year-on-year, respectively, with the balance of RMB loans reaching 268.6 trillion yuan [4]. Credit Structure and Risk Management - The PBOC is focusing on optimizing the credit structure by establishing a 500 billion yuan re-loan for consumption and elderly care, and increasing the re-loan quota for technological innovation and transformation by 300 billion yuan [3]. - The report emphasizes the importance of risk prevention and resolution, with ongoing improvements to the financial risk monitoring and assessment systems [3][5]. External Environment and Future Outlook - The external economic environment is becoming increasingly complex, with weakening global growth and rising trade barriers. However, China's economic fundamentals remain strong, and the PBOC is committed to maintaining strategic focus and advancing key strategic tasks related to modernization [5]. - The PBOC plans to enhance the monetary policy framework, balancing short-term and long-term goals, and ensuring the stability and continuity of policies to support employment, businesses, and market expectations [5][6].

Core Viewpoint - The article emphasizes the proactive implementation of macroeconomic policies under the leadership of the central government, highlighting a stable economic recovery with a GDP growth of 5.3% year-on-year in the first half of the year, and the importance of maintaining a suitable monetary environment for high-quality economic development [2]. Group 1: Monetary Policy Implementation - The People's Bank of China (PBOC) has adopted a moderately loose monetary policy, reducing the reserve requirement ratio by 0.5 percentage points in May, injecting approximately 1 trillion yuan into the market [2][3]. - The PBOC has lowered policy interest rates by 0.1 percentage points and structural monetary policy tool rates by 0.25 percentage points in May, which has led to a decrease in personal housing fund loan rates by 0.25 percentage points [3]. - A total of 500 billion yuan has been allocated for re-loans to support consumption and elderly care, along with an additional 300 billion yuan for technological innovation and transformation [3]. Group 2: Financial Stability and Risk Management - As of June, the total social financing stock and broad money supply (M2) grew by 8.9% and 8.3% year-on-year, respectively, with the RMB loan balance reaching 268.6 trillion yuan [4]. - New corporate loans and personal housing loan rates decreased by approximately 45 and 60 basis points year-on-year, respectively, indicating a low financing cost environment [4]. - The PBOC aims to maintain a stable RMB exchange rate and has implemented measures to manage market expectations and prevent excessive fluctuations [5][6]. Group 3: Future Outlook and Strategic Goals - The PBOC plans to continue implementing a moderately loose monetary policy while ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations [6]. - The focus will be on enhancing the effectiveness of monetary policy transmission mechanisms and supporting key areas such as technological innovation, consumption, and small and micro enterprises [6]. - The PBOC is committed to maintaining financial stability and preventing systemic financial risks while promoting high-quality financial development and reform [5][6].