中国人民银行：2025年第四季度中国货币政策执行报告（英文版）（62页）.pdf

1、China Monetary Policy ReportQ4 2025(February 10,2026)Monetary PolicyAnalysis Group ofthe Peoples Bank of ChinaIExecutive SummaryThe year 2025 marks the conclusion of the 14th Five-Year Plan period.Under thestrong leadership of the CPC Central Committee with Comrade Xi Jinping at its core,the nationa

2、l economy has developed steadily on a positive trajectory,and the majorobjectives of economic and social development have been achieved.The GDP grew 5percent year on year in 2025.Following the guidance of Xi Jinping Thought onSocialism with Chinese Characteristics for a New Era,the Peoples Bank of C

3、hina(PBOC)has earnestly implemented the decisions and arrangements of the CPCCentral Committee and the State Council.It has pursued an appropriatelyaccommodative monetary policy.While effectively leveraging existing monetarypolicies,the PBOC has unveiled a package of monetary and financial policies

4、tostrengthen counter-cyclical adjustments and effectively support the steady growth ofthe real economy and the stable performance of the financial market.First,money and credit maintained reasonable growth.The PBOC kept liquidityadequate by using a mix of monetary policy tools,including the required

5、 reserve ratio(RRR)and open market operations(OMOs).Financial institutions were guided tobuild up project reserves and increase the credit supply to fully meet the effectivecredit demand from the real economy.Second,overall social financing costs wereguided to move downward.The PBOC lowered policy i

6、nterest rates,interest rates onstructural monetary policy tools,and interest rates on personal housing provident fundloans,effectively reducing overall social financing costs.The implementation andsupervisionofmonetarypolicieswerestrengthened,andthe self-regulatorymechanism for market-based interest