The People's Bank of China released the Monetary Policy Implementation Report for China in the third quarter of 2025

First, maintain reasonable growth of monetary credit. Use a combination of open market operations, medium-term lending facilities, and re-lending and rediscounting tools to ensure ample liquidity. Guide financial institutions to fully meet the effective credit demand of the real economy, improve the efficiency of fund utilization, and enhance the quality and effectiveness of services to the real economy.

Second, promote a decrease in the overall financing costs of society. Improve the market-oriented interest rate adjustment framework, strengthen the implementation of interest rate policies, effectively utilize the self-discipline mechanism of market interest rate pricing, and drive down deposit and loan interest rates.

Third, guide the adjustment and optimization of credit structure. Make good use of the 500 billion yuan for service consumption and pension re-lending and the newly increased re-lending quota for technological innovation and technological transformation, effectively utilize the risk-sharing tools for technological innovation bonds, and increase support for boosting consumption and key domestic demand areas such as technological innovation. Implement existing structural monetary policy tools and continue to work on the "five major articles" of finance.

Fourth, maintain basic stability of the exchange rate. Adhere to the decisive role of the market in exchange rate formation, effectively utilize the exchange rate's adjustment function for the macro economy and international balance of payments, implement comprehensive measures to promote stable expectations, and maintain basic stability of the RMB exchange rate under complex circumstances.

Fifth, strengthen risk prevention and resolution. Steadily and orderly resolve financial risks in key areas, and continuously improve the financial risk monitoring, assessment, and early warning system.

Continuously updating~