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2025-10-28 19:09:58
The People's Bank of China (PBOC) published the State Council's report on financial work, delivered at the 18th meeting of the Standing Committee of the 14th National People's Congress on October 26, 2025. The report proposes implementing a moderately accommodative monetary policy in detail to create a suitable monetary and financial environment for consolidating and expanding the positive momentum of economic recovery. The report proposes effectively implementing existing monetary policy measures, continuously unleashing their effectiveness, and researching and reserving new policy measures. A comprehensive range of monetary policy tools will be deployed to maintain ample liquidity, ensuring that the scale of social financing and money supply growth are aligned with expected targets for economic growth and overall price levels. Existing funds will be revitalized, incremental funds will be utilized effectively, and the efficiency of fund use will be improved. The implementation and supervision of interest rate policies will be strengthened, and the work on clearly indicating the comprehensive financing costs of loans will be deepened to drive down the comprehensive financing costs of society. Exchange rate flexibility will be maintained, expectations will be strengthened, the risk of exchange rate overshooting will be guarded against, and the RMB exchange rate will remain basically stable at a reasonable and balanced level.
