The People's Bank of China: We will continue to promote the transformation of the monetary policy regulation framework, placing greater emphasis on the role of price-based regulation

華爾街見聞
2025.11.11 09:18
央行發佈 2025 年第三季度中國貨幣政策執行報告。其中在 “專欄 2” 中提出，長遠看，我國金融市場加快發展，直接融資發展、融資結構變化對貨幣總量、金融調控產生了深層次影響。隨着金融市場日益發展、金融產品不斷豐富，企業和居民基於各類資產的收益變化，可以用存款購買理財、股票等金融資產。資產價格變化往往會引起銀行存款、貸款總量和結構的變化，對銀行體系的貨幣創造和廣義貨幣（M2）造成擾動。未來，要繼續推進貨幣政策調控框架轉型，更加註重發揮價格型調控的作用。通過不斷深化利率市場化改革，理順由短及長的利率傳導關係以及不同資產收益率的比價關係，充分發揮利率調節金融資源配置機制的效果，穩固金融支持實體經濟的實效。
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