周建设:

Zhou Jianshe:

女士们、先生们，大家下午好！欢迎出席国务院新闻办新闻发布会。今天，我们邀请到中国人民银行新闻发言人、副行长邹澜先生，国家外汇局新闻发言人、副局长李斌先生，请他们为大家介绍货币金融政策支持实体经济高质量发展成效，并回答大家关心的问题。出席今天发布会的还有：中国人民银行货币政策司司长谢光启先生，中国人民银行新闻发言人、调查统计司司长闫先东先生，国家外汇局资本项目管理司司长肖胜先生。

Ladies and gentlemen, good afternoon. Welcome to this press conference held by the State Council Information Office (SCIO). Today, we have invited Mr. Zou Lan, spokesperson and deputy governor of the People's Bank of China (PBC), and Mr. Li Bin, spokesperson and deputy administrator of the State Administration of Foreign Exchange (SAFE), to introduce the effects of monetary and financial policies on high-quality development of the real economy and to answer your questions. Also present at today's press conference are: Mr. Xie Guangqi, director general of the Monetary Policy Department of the PBC; Mr. Yan Xiandong, spokesperson of the PBC and director general of the Statistics and Analysis Department of the PBC; and Mr. Xiao Sheng, director general of the Capital Account Management Department of the SAFE.

现在，请邹澜先生作介绍。

Now, I'll give the floor to Mr. Zou for his introduction.

中国人民银行新闻发言人、副行长邹澜:

Zou Lan:

各位媒体朋友们，大家好！感谢大家长期关注、支持人民银行工作！刚刚我们在人民银行网站发布了2025年金融统计数据。今天的发布会重点有两项内容：一是对2025年数据进行解读，二是发布我们已经考虑比较成熟、年初先行出台的一批货币金融政策。

Good afternoon, friends from the media. Thank you all for your continued interest in and support for the work of the PBC. We just released the 2025 financial statistics on the website of the PBC. Today's press conference will focus on two main points: First, we will interpret the 2025 data; and second, we will announce a batch of monetary and financial policies that were reviewed and introduced earlier this year.

2025年，人民银行实施适度宽松的货币政策，在货币金融环境已经较为宽松的状态下，在存量政策接续发挥作用的基础上，5月又宣布实施了一揽子金融支持举措，巩固经济回升向好势头。从全年金融数据看，货币金融政策支持实体经济的效果是明显的。

In 2025, the PBC implemented a moderately loose monetary policy. Against the backdrop of an already relatively loose monetary and financial environment and with existing policies continuing to take effect, the central bank announced a package of financial support measures in May to consolidate the positive momentum of economic recovery. Looking at the financial data for the whole year, the effect of monetary and financial policies in supporting the real economy is evident.

一是金融总量较快增长。人民银行通过综合运用多种货币政策工具，保持流动性充裕，引导金融机构充分满足实体经济有效融资需求。2025年12月末，社会融资规模存量同比增长8.3%，广义货币供应量M2同比增长8.5%，明显高于名义GDP增速；人民币贷款余额272万亿元，同比增长6.4%，还原地方化债影响后，增速在7%左右，信贷支持力度持续增强。

First, the total financial volume maintained relatively rapid growth. The PBC maintained ample liquidity by comprehensively utilizing a variety of monetary policy tools, guiding financial institutions to fully satisfy the effective financing needs of the real economy. As of the end of December 2025, the outstanding stock of social financing increased by 8.3% year on year. The broad money supply (M2) rose by 8.5% year on year, significantly outpacing the growth rate of nominal GDP. The outstanding balance of RMB loans was 272 trillion yuan ($39.11 trillion), registering a year-on-year increase of 6.4%. Excluding the impact of local government debt resolution, the growth rate was around 7%, indicating that the intensity of credit support remained robust.

二是社会综合融资成本进一步降低。2018年下半年以来，人民银行累计10次下调政策利率，还通过强化利率政策执行和监督，更好发挥存量政策效能，促进社会综合融资成本稳步下行。2025年12月，新发放企业贷款加权平均利率和新发放个人住房贷款加权平均利率都大约在3.1%左右，自2018年下半年以来，分别下降了2.5个和2.6个百分点。

Second, the overall cost of social financing was further reduced. Since the second half of 2018, the PBC has lowered policy interest rates 10 times. It has also strengthened the implementation and supervision of interest rate policies to better leverage existing policies and promote a steady decline in the overall cost of social financing. In December 2025, the weighted average interest rates for newly issued corporate loans and for newly issued personal housing loans both stood at around 3.1%, down by 2.5 percentage points and 2.6 percentage points, respectively, since the second half of 2018.

三是金融结构不断优化。坚持“聚焦重点、合理适度、有进有退”的原则，不断优化政策工具设计和管理，加大对科技创新、提振消费等扩大内需重点领域的支持，实现对金融“五篇大文章”各领域的全覆盖。科技、绿色、普惠、养老产业和数字经济产业等重点领域贷款都保持了两位数增长，明显高于全部贷款增速，信贷结构持续优化。同时，不断深化金融市场发展，推动直接融资占比上升，2025年社会融资规模增量中，债券等贷款以外的融资方式占比已经超过50%，金融供给侧结构性改革成效显著。

Third, the financial structure continued to improve. Adhering to the principle of "focusing on key priorities, keeping a reasonable and moderate scale, and advancing in some areas while withdrawing from others," the PBC has continuously refined the design and management of policy tools, increased support for key sectors to expand domestic demand, such as technological innovation and consumption promotion, and achieved full coverage in five major areas: technology finance, green finance, inclusive finance, pension finance and digital finance. Loans to key sectors such as technology, green development, inclusive finance, elderly care and the digital economy all maintained double-digit growths, significantly outpacing the overall loan growth rate and indicating a continuous optimization of the credit structure. At the same time, we have continued to deepen the development of the financial market and promoted an increase in the proportion of direct financing. In 2025, the share of financing methods other than loans, such as bonds, in the increment of social financing exceeded 50%, with the supply-side structural reform of the financial sector yielding remarkable results.

四是金融市场平稳运行。综合施策维护外汇市场稳定，强化预期管理，外汇市场供求基本平衡，2025年人民币对一篮子货币保持基本稳定，对美元汇率升值4.4%。债券市场平稳健康发展，债券市场代表性的10年期国债收益率近期稳定在1.8%-1.9%附近。资本市场信心有效提振，交投活跃。

Fourth, the financial market operated in a stable manner. Comprehensive measures have been taken to maintain the stability of the foreign exchange market, strengthen expectation management, and ensure a basic balance between supply and demand in the foreign exchange market. In 2025, the RMB remained basically stable against a basket of currencies and appreciated by 4.4% against the U.S. dollar. The bond market has maintained steady and sound development, with the yield on the representative 10-year treasury bond remaining stable recently at around 1.8%-1.9%. Confidence in the capital market has been effectively boosted, with trading activity remaining robust.

中央经济工作会议已经明确，2026年要继续实施适度宽松的货币政策，人民银行将按照党中央、国务院决策部署，加大逆周期和跨周期调节力度，有效支持“十五五”开好局、起好步。

The Central Economic Work Conference clearly stated that a moderately loose monetary policy will continue to be implemented in 2026. In accordance with the decisions and arrangements of the Central Committee of the Communist Party of China (CPC) and the State Council, the PBC will strengthen counter-cyclical and cross-cyclical adjustments to effectively support the successful launch and steady progress of the 15th Five-Year Plan (2026-2030).

根据当前经济金融形势需要，人民银行将先行推出两方面政策措施。一方面是下调各类结构性货币政策工具利率，提高银行重点领域信贷投放的积极性。另一方面是完善结构性工具并加大支持力度，进一步助力经济结构转型优化。具体包括以下几项：

In light of the needs arising from the current economic and financial situation, the PBC will take the lead in introducing policy measures in two areas. On the one hand, interest rates for various structural monetary policy tools will be lowered to boost banks' willingness to extend credit to key sectors. On the other hand, we will refine structural tools and expand support to further facilitate the transformation and optimization of the economic structure. Specifically, this includes the following measures:

一是下调各类结构性货币政策工具利率0.25个百分点。各类再贷款一年期利率从目前的1.5%下调到1.25%，其他期限档次利率同步调整。

First, interest rates on various structural monetary policy instruments will be lowered by 0.25 percentage point. The one-year interest rate for all types of relending facilities will be lowered from the current 1.5% to 1.25%, with interest rates for other maturities adjusted accordingly.

二是将支农支小再贷款与再贴现打通使用，增加额度，并单设民营企业再贷款。合并使用支农支小再贷款与再贴现额度，增加支农支小再贷款额度5000亿元，总额度中单设一项民营企业再贷款，额度1万亿元，重点支持中小民营企业。

Second, the relending for agriculture and small businesses will be integrated with rediscounting, the quota will be increased, and a dedicated relending facility program for private enterprises will be established. The quotas for relending and rediscounting for agriculture and small businesses will be merged, increasing the quota for relending for agriculture and small businesses by 500 billion yuan. A separate relending facility quota of 1 trillion yuan will be set aside within the total quota for private enterprises, with a focus on supporting small and medium-sized private enterprises.

三是增加科技创新和技术改造再贷款额度并扩大支持范围。将科技创新和技术改造再贷款额度从8000亿元，增加4000亿元至1.2万亿元，并将研发投入水平较高的民营中小企业等纳入支持领域。

Third, the quota for relending in support of scientific and technological innovation and technological upgrading will be increased and its scope expanded. The quota will be increased by 400 billion yuan to 1.2 trillion yuan from 800 billion yuan, and support will be extended to include private small and medium-sized enterprises with relatively high R&D investment intensity.

四是合并设立科技创新与民营企业债券风险分担工具。将此前已经设立的民营企业债券融资支持工具、科技创新债券风险分担工具合并管理，合计提供再贷款额度2000亿元。

Fourth, a risk-sharing instrument for science and technology innovation and private enterprise bonds will be established. The previously launched bond financing support tool for private enterprises and the bond risk-sharing tool for technological innovation will be consolidated under unified management, providing a combined relending quota of 200 billion yuan.

五是拓展碳减排支持工具的支持领域。纳入节能改造、绿色升级、能源绿色低碳转型等更多具有碳减排效应的项目，引导银行支持全面绿色转型。

Fifth, the scope of the carbon emission reduction support facility will be expanded. More projects with carbon reduction effects, such as energy efficiency retrofits, green upgrading, and the transition to green and low-carbon energy, will be included, guiding banks to support a comprehensive green transition.

六是拓展服务消费与养老再贷款的支持领域。结合健康产业认定标准，适时在服务消费与养老再贷款的支持领域中纳入健康产业。

Sixth, the areas of support for service consumption and elderly care relending facilities will be expanded. In accordance with the standards for recognizing the health industry, the health industry should be included in the support areas of service consumption and elderly care relending facilities at an appropriate time.

七是会同金融监管总局将商业用房购房贷款最低首付比例下调至30%，支持推动商办房地产市场去库存。

Seventh, together with the State Financial Regulatory Commission (SFRC), the minimum down payment ratio for commercial property purchase loans will be lowered to 30% to promote the reduction of inventory in the commercial real estate market.

八是鼓励金融机构提升汇率避险服务水平。丰富汇率避险产品，为企业提供成本合理、灵活有效的汇率风险管理工具。

Eighth, financial institutions will be encouraged to enhance their foreign exchange risk-hedging services. A wider range of hedging products will be offered to provide enterprises with cost-effective, flexible and efficient tools for managing exchange rate risks.

以上相关措施的政策文件将于近日发布。按照国务院常务会议部署，在实施过程中，将与财政贴息、担保和风险成本分担等财政政策协同配合，进一步放大政策效能，共同促进扩大有效内需。我们还将继续加大流动性投放力度，灵活搭配公开市场操作各项工具，保持流动性充裕，引导隔夜利率在政策利率水平附近运行。我先简要介绍这些，下面我和同事们愿意回答大家的提问。

The policy documents related to the above measures will be released soon. In accordance with the arrangements of the State Council executive meeting, implementation will be coordinated with fiscal policies such as interest subsidies, guarantees and risk cost-sharing mechanisms, in order to further amplify policy effects and jointly promote effective domestic demand. We will also continue to increase liquidity injection, flexibly combine various open market operation tools, maintain ample liquidity, and guide the overnight interest rate to operate around the policy interest rate. That's all for my introduction. Next, my colleagues and I are ready to take your questions.

周建设:

Zhou Jianshe:

谢谢邹澜先生的介绍，现在请李斌先生作介绍。

Thank you, Mr. Zou, for your introduction. Now, let's welcome Mr. Li to speak.

国家外汇局新闻发言人、副局长李斌:

Li Bin:

新年伊始，很高兴见到各位媒体朋友，感谢大家对外汇管理工作的关心和支持！刚才邹澜副行长全面介绍了货币金融政策支持经济高质量发展的情况，下面我就外汇领域的相关情况再作一个简要介绍。

At the beginning of the new year, I am very pleased to meet with friends from the media. Thank you for your interest in and support for foreign exchange administration. Just now, Mr. Zou gave a comprehensive overview of how monetary and financial policies are supporting high-quality economic development. Next, I will give a brief introduction to the relevant situation in the foreign exchange sector.

刚刚过去的2025年很不平凡。面对更加严峻复杂的外部环境，外汇局认真贯彻落实党中央决策部署，统筹国内和国际，统筹发展和安全，主要从三方面入手开展工作：一是有力有效维护外汇市场保持平稳运行。二是坚定推进外汇领域高水平对外开放，注重通过机制改革、科技赋能更好实现促便利和防风险相结合，更好惠企利民。三是着力提升开放条件下的监管能力，持续打击外汇违法违规活动，维护市场良好秩序和健康发展。

The year 2025, which just concluded, was very extraordinary. Facing a more severe and complex external environment, SAFE earnestly implemented the decisions and arrangements of the CPC Central Committee, coordinated domestic and international matters, balanced development and security, and mainly carried out work in three aspects. First, we took strong and effective measures to maintain the stable operation of the foreign exchange market. Second, we steadfastly advanced high-standard opening up in the foreign exchange field, focusing on better achieving the integration of promoting convenience and preventing risks through mechanism reform and technological empowerment, and better benefiting enterprises and the public. Third, we focused on enhancing our regulatory capabilities in an open environment, continuously cracking down on illegal and irregular foreign exchange activities, and maintaining a sound market order and healthy development.

过去一年里，外汇管理服务实体经济质效明显提升。我们围绕支持外贸稳定发展、深化跨境投资和融资改革、支持自贸试验区建设三项重点工作，先后出台三个“一揽子”政策共计28项措施。去年四季度这些政策陆续落地实施以来，全国办理相关便利化业务超2200亿美元。我们支持跨境电商等贸易新业态主体更加便利地在线办理外汇业务，总计超10亿笔，服务中小微商户超180万户。我们扎实推进银行外汇展业改革，更好实现提高业务办理效率和防控风险，参与改革的银行从2024年末16家扩大至目前的30家，已基本覆盖跨境业务主要经办银行。包括展业改革业务在内，2025年全年凭企业指令“免审单”办理跨境收支业务2.3万亿美元，较2024年增长33%。我们将跨国公司本外币一体化资金池政策推广到全国，完善了境内企业境外上市资金管理，支持企业更加充分利用国内国际两个市场。我们持续强化外汇市场建设和监管。2025年外汇市场交易量达到42.6万亿美元，企业外汇套期保值比率升至30%，均为历史新高。全年查处地下钱庄、通过虚假交易非法跨境转移资金等外汇违法违规案件1100多起，有效维护了外汇交易秩序。

Over the past year, the quality and efficiency of foreign exchange administration services to the real economy have significantly improved. We have successively introduced three package policies with a total of 28 measures, focusing on three key tasks: supporting the stable development of foreign trade, deepening cross-border investment and financing reforms, and supporting the construction of free trade zones. Since these policies began to be implemented in the fourth quarter of last year, the total value of facilitation services handled nationwide has exceeded $220 billion. We support entities engaged in new trade formats such as cross-border e-commerce to handle foreign exchange business online. In total, more than 1 billion transactions were processed, serving over 1.8 million small, medium, and micro businesses. We steadily advanced the reform of banks' foreign exchange business operations, better balancing efficiency and controlling risks. The number of banks participating in the reform has increased from 16 at the end of 2024 to 30 at present, which has basically covered the main banks handling cross-border business. Including business conducted under the operational reform framework, in 2025 a total of $2.3 trillion in cross-border receipts and payments were processed based on corporate instructions under the streamlined cross-border payments, representing a 33% increase from 2024. We extended the integrated RMB and foreign currency cash pooling policy for multinational corporations nationwide, improved the management of funds related to overseas listings by domestic enterprises, and supported enterprises in making better use of both domestic and international markets. We continued to strengthen the development and regulation of the foreign exchange market. In 2025, the trading volume in the foreign exchange market reached $42.6 trillion, and the corporate foreign exchange hedging ratio rose to 30%, both setting record highs. Throughout the year, more than 1,100 cases involving foreign exchange violations - such as underground banking and illicit cross-border capital transfers through fictitious transactions - were investigated and penalized, effectively safeguarding order in the foreign exchange market.

过去一年里，外汇市场供求基本平衡，预期总体平稳，保持较强韧性和活力。2025年企业、个人等跨境收入和支出总计15.6万亿美元，较2024年增长近10%。跨境资金由年初的净流出转为净流入，全年净流入3021亿美元，银行结售汇顺差1966亿美元。12月当月跨境资金净流入和银行结售汇顺差扩大，与季节性等因素有关，从今年1月份以来的情况看，已有所收敛。2025年来华直接投资呈现净流入，境内主体对外投资较快增长。2025年9月末，我国对外资产和负债分别达到11.5万亿和7.5万亿美元，均为历史新高。外汇储备保持稳定，年末余额为33579亿美元。人民币汇率在合理均衡水平上保持基本稳定。

Over the past year, the supply and demand in the foreign exchange market were essentially balanced, expectations remained generally stable, and strong resilience and vitality were maintained. In 2025, the total cross-border income and expenditure of enterprises and individuals reached $15.6 trillion, an increase of nearly 10% compared with 2024. Cross-border funds shifted from a net outflow at the beginning of the year to a net inflow, with a total net inflow of $302.1 billion for the year, with a bank foreign exchange settlement and sales surplus of $196.6 billion. In December, the net inflow of cross-border funds and the bank foreign exchange settlement and sales surplus expanded, which was related to seasonal factors. From what we saw this January, it has already narrowed. In 2025, direct investment into China showed a net inflow, and domestic entities' outbound investment grew rapidly. At the end of September 2025, China's external assets and liabilities reached $11.5 trillion and $7.5 trillion respectively, both hitting record highs. Foreign exchange reserves remained stable, with a year-end balance of $3.3579 trillion. The yuan exchange rate has been generally stable at an adaptive and balanced level.

下一步，外汇局将深入学习贯彻党的二十届四中全会和中央经济工作会议精神，深化拓展外汇领域改革开放，努力营造既“放得活”又“管得好”的外汇政策环境，为“十五五”开好局、起好步贡献力量。我先介绍这么多，谢谢大家。

Next, the SAFE will thoroughly study and implement the guiding principles of the fourth plenary session of the 20th CPC Central Committee and the central economic work conference, deepen and expand reform and opening up in the foreign exchange sector, strive to create a foreign exchange policy environment that is both flexible and well-regulated, and contribute to a good start to the 15th Five-Year Plan period. That's all for my introduction. Thank you.

周建设:

Zhou Jianshe:

谢谢李斌先生的介绍，现在请大家举手提问，提问前请通报所在的新闻机构。

Thank you for your introduction, Mr. Li. Now the floor is open for questions. Please identify the media outlet you represent before asking questions.

每日经济新闻记者:

National Business Daily:

2025年10月，人民银行宣布将恢复公开市场国债买卖操作，请问国债买卖方面，2026年是否会有所放量？什么情况下操作规模会提升？谢谢。

In October 2025, the PBC announced that it would resume open-market treasury bond trading operations. Will there be an increase in treasury bond trading in 2026? Under what circumstances will the scale of such operations be increased? Thank you.

邹澜:

Zou Lan:

谢谢您的提问，我来回答您这个问题。中央金融工作会议要求，充实货币政策工具箱，在央行公开市场操作中逐步增加国债买卖。公开市场操作是央行实施货币政策调控和流动性管理的重要手段，包括各期限的回购、中期借贷便利、国债买卖等各种工具，这其中买断式回购主要也是通过买卖国债来实现。为了保障市场流动性充裕和短期利率的平稳运行，2025年，各项公开市场操作累计净投放了6万亿元，这其中买断式回购净投放3.8万亿元，净买入国债1200亿元。同时，人民银行也在推进其他的一些改革措施，随着货币政策工具箱的不断丰富，可以更好地根据需要和市场运行情况搭配使用各种工具，完善基础货币投放和操作工具定价机制，并加强货币政策操作的信息披露，增强政策透明度。

Thank you for your questions. Let me answer these questions. The central financial work conference called for enriching the monetary policy toolbox and gradually increasing treasury bond trading in the central bank's open-market operations. Open-market operations are an important means for the central bank to implement monetary policy regulation and liquidity management, including repos of various maturities, medium-term lending facilities, treasury bond trading, and other tools. Among these, outright repos are mainly carried out through buying and selling treasury bonds. To ensure ample market liquidity and stable short-term interest rates, in 2025, various open-market operations cumulatively injected a net 6 trillion yuan, including a net injection of 3.8 trillion yuan made through outright repos as well as a net purchase in treasury bonds of 120 billion yuan. At the same time, the PBC is also advancing reform measures. With the continuous enrichment of the monetary policy toolbox, it can better use various tools according to needs and market conditions, improve the mechanism for base money injection and pricing of operation tools, and strengthen information disclosure of monetary policy operations to enhance policy transparency.

开展国债买卖操作也有利于加强货币政策与财政政策的协同配合。近年来我国实施积极的财政政策，政府债券发行在增多，2025年国债发行了16万亿元，全年净增6.6万亿元，年末余额大约是40万亿元，这其中，银行、非银行金融机构、境外机构分别持有了27万亿元、5万亿元和2万亿元，银行等市场机构为了改善资产配置、加强流动性管理，是持有国债的主力。在满足这些机构对国债资产配置需要的前提下，人民银行买卖国债可以更好地保障国债以合理成本顺利发行。此外，2025年，人民银行通过买断式回购操作的国债、地方政府债券余额接近7万亿元，这对提高政府债券的市场流动性也发挥了重要作用。

Treasury bond trading operations also helps strengthen the coordination between monetary policy and fiscal policy. In recent years, China has implemented a proactive fiscal policy, with an increase in government bond issuance. In 2025, 16 trillion yuan of treasury bonds were issued, with a net increase of 6.6 trillion yuan for the year, and a year-end balance of about 40 trillion yuan. Of this, banks, non-bank financial institutions, and overseas institutions held 27 trillion yuan, 5 trillion yuan, and 2 trillion yuan respectively. Banks and other institutions in the market are the main holders of treasury bonds in order to improve asset allocation and strengthen liquidity management. On the premise of meeting the needs of these institutions for the allocation of treasury bond assets, the PBC can better ensure the smooth issuance of treasury bonds at a reasonable cost through buying and selling these bonds. In addition, in 2025, the balance of treasury bonds and local government bonds purchased by the PBC through outright repo operations was close to 7 trillion yuan, which has also played an important role in improving the market liquidity of government bonds.

国债买卖操作还有利于发挥国债收益率曲线定价基准作用，并丰富宏观审慎管理的手段，防止市场急涨急跌的风险。2025年初，债券市场供不应求较为突出、市场风险有所累积，我们暂停了买债操作，不与市场“抢”债；下半年后市场供求趋于平衡，我们在四季度恢复了操作，保障债市平稳运行。

Buying and selling of treasury bonds is also conducive to giving full play to the role of the treasury bond yield curve as a pricing benchmark, enriching macro-prudential management tools, and preventing the risk of sharp market fluctuations. At the beginning of 2025, the supply shortage in the bond market was relatively prominent and market risks had amounted to some extent, so we suspended bond purchases to avoid competing with the market for bonds; in the second half of the year, as market supply and demand reached balance, we resumed operations in the fourth quarter to ensure the smooth operation of the bond market.

下一步，人民银行将综合考虑基础货币投放需要、债券市场供求情况、收益率曲线形态变化等因素，灵活开展国债买卖操作，与其他流动性工具一起，保持流动性充裕，为政府债顺利发行创造适宜的货币金融环境。谢谢。

Next, the PBC will consider factors such as the need for base money injection, the supply and demand in the bond market, and changes in the yield curve. It will also carry out treasury bond buying and selling operations, together with other liquidity tools, to maintain ample liquidity and create a conducive monetary and financial environment for the smooth issuance of government bonds. Thank you.

封面新闻记者:

Cover News:

支持企业汇率风险管理是近几年外汇局一项重点工作。请问当前企业汇率风险管理的情况如何？在进一步帮助企业管理汇率风险方面有哪些政策思路？谢谢。

Supporting enterprises in managing exchange rate risks has been a key task of the SAFE in recent years. May I ask about the current situation of enterprises' exchange rate risk management? What policy approaches are there for further helping enterprises manage exchange rate risks? Thank you.

李斌:

Li Bin:

谢谢您的提问，我来回答一下这个问题。近年来，国际金融市场波动加大，企业在跨境贸易投资中主动识别和管理汇率风险的需求上升。外汇局持续完善企业汇率风险管理服务，主要做了这么几方面的工作：一是多种方式开展汇率风险中性理念宣传，我们编发《企业汇率风险管理指引》、《汇率风险情景与外汇衍生产品运用案例集》，在外汇局官网开设企业汇率风险管理服务专栏，积极宣传汇率风险管理的好经验好做法。二是推动金融机构建立健全汇率风险管理服务长效机制，现在有超过120家各类银行开办外汇衍生品业务，线上交易机制也不断完善，基层展业能力持续加强。三是提高外汇市场基础设施服务能力，降低中小微企业外汇衍生品相关交易和清算成本，拓展外汇衍生品交易和清算期限，引导金融机构不断优化汇率避险产品，提供更加便利的服务。

Thank you for your questions. I'll take these. In recent years, with increased volatility in the international financial market, enterprises' demand for proactively identifying and managing exchange rate risks in cross-border trade and investment has risen. The SAFE has continuously improved its services for enterprises' exchange rate risk management, and has made efforts in the following aspects. First, it has promoted the risk neutral concept regarding exchange rates through various means. We have compiled and issued the guidelines for corporate exchange rate risk management and the case collection on exchange rate risk scenarios and foreign exchange derivatives, and opened a special column on corporate exchange rate risk management services on the SAFE website, actively promoting good experiences and practices in exchange rate risk management. Second, we have promoted the establishment and improvement of a long-term mechanism for exchange rate risk management services by financial institutions. Currently, more than 120 banks of various types have launched foreign exchange derivatives businesses, the online trading mechanism is constantly being improved, and the business development capabilities at the grassroots level have been continuously strengthened. Third, we have improved the service capabilities of foreign exchange market infrastructure, reduced the transaction and settlement costs of foreign exchange derivatives for micro, small and medium-sized enterprises, expanded the transaction and settlement periods of foreign exchange derivatives, and guided financial institutions to continuously optimize exchange rate hedging products and provide more convenient services.

我们观察到，越来越多的企业将汇率波动纳入日常财务决策，通过外汇衍生品、本币结算、经营性自然对冲等多种方式管理汇率风险，企业汇率风险管理意识和能力不断提高。从过去五年的数据看，2025年企业利用外汇衍生品管理汇率风险的规模超1.9万亿美元，较2020年翻了近一倍；企业外汇套保比率刚才我报告过，为30%，较2020年提高8个百分点。

We have observed that an increasing number of enterprises are incorporating exchange rate fluctuations into their day-to-day financial decision-making and managing exchange rate risks through various means, including foreign exchange derivatives, local-currency settlement, and operational natural hedging. Enterprises' awareness of and capacity for exchange rate risk management continue to improve. Looking at the data over the past five years, in 2025, the volume of foreign exchange derivatives used by companies to manage exchange rate risk exceeded $1.9 trillion, nearly doubling from 2020. As I mentioned earlier, the corporate foreign exchange hedging ratio stood at 30%, up 8 percentage points from 2020.

下一步，我们将会同有关方面持续加强企业汇率避险服务，支持企业更好聚焦主业、抵御风险。一是持续加强汇率风险中性理念宣传，让有避险需求的企业“更想”套保。二是外汇管理部门、外汇市场自律机制、银行将持续发布典型案例，为企业识别汇率风险敞口、制定套期保值策略等提供有益参考，让企业“更会”套保。三是引导金融机构建立健全服务企业汇率避险长效机制，丰富更多币种、简单好用的汇率避险产品，优化汇率风险服务管理方式，让企业“更能”套保。刚才邹澜副行长也宣布了进一步支持企业汇率套保的一些措施。四是支持合规、诚信企业更便利开展外汇衍生品交易，简化业务流程，让企业“更好”套保。我就回答这么多，谢谢！

Going forward, we will work with relevant parties to further enhance exchange rate risk hedging services for enterprises, enabling them to better focus on their core business and guard against risks. First, we will continue to strengthen the promotion of the concept of exchange rate risk neutrality, so that enterprises with hedging needs are more willing to conduct hedging operations. Second, foreign exchange authorities, the foreign exchange market self-regulatory mechanism, and banks will continue to publish case studies. This gives enterprises useful references in identifying exchange rate risk exposures and formulating hedging strategies, helping them hedge more effectively. Third, we will guide financial institutions to establish and improve long-term mechanisms for providing exchange rate risk hedging services to enterprises. This includes expanding the range of hedging products to cover more currencies, developing simple and user-friendly exchange rate hedging instruments, and improving foreign exchange risk management services. These efforts will enhance enterprises' capacity to hedge. Just now, Mr. Zou also announced a number of measures to further support enterprise exchange rate hedging. Fourth, we will support compliant and trustworthy enterprises in conducting foreign exchange derivatives transactions more conveniently. We will streamline business procedures and enable enterprises to hedge more effectively. That is all for my response. Thank you.

路透社记者:

Reuters:

央行下一步在支持消费，尤其是服务消费方面会有哪些新的举措？另外还是想问一下货币政策，下一步会有什么考虑，进一步降息降准的空间能有多大？谢谢。

What new measures will the central bank take next to support consumption, especially service consumption? In addition, I would also like to ask about monetary policy. What considerations will guide the next steps, and how much room remains for further interest rate cuts and reserve requirement ratio reductions? Thank you.

邹澜:

Zou Lan:

谢谢您的提问。您实际上提了两个方面的问题，我先来回答关于货币政策的问题。

Thank you for your questions. You have, in fact, raised two issues. I will first address the question about monetary policy.

刚才在介绍中，我已经提到了，2026年人民银行将落实中央经济工作会议的决策部署，继续实施适度宽松的货币政策，发挥存量政策和增量政策的集成效应，加大逆周期和跨周期调节力度，为经济稳定增长和高质量发展创造适宜的货币金融环境。具体来讲：

As I mentioned earlier, in 2026, the PBC will implement the decisions and arrangements of the Central Economic Work Conference and continue to pursue an appropriately accommodative monetary policy. We will leverage the combined effects of existing and new policy measures and step up counter- and cross-cyclical adjustments, creating an appropriate monetary and financial environment for stable economic growth and high-quality development. Specifically:

一是根据国内外经济金融形势和金融市场运行情况，把促进经济稳定增长、物价合理回升作为货币政策的重要考量，灵活高效运用包括降准降息在内的多种政策工具，保持流动性充裕，保持社会融资条件相对宽松，引导金融总量合理增长、信贷均衡投放，使社会融资规模、货币供应量增长同经济增长和价格总水平预期目标相匹配。

First, in light of domestic and international economic and financial conditions as well as developments in financial markets, we will take promoting stable economic growth and a reasonable rebound in prices as key considerations of monetary policy. We will flexibly and efficiently employ a range of policy tools, including reductions in the reserve requirement ratio and interest rate cuts, to maintain ample liquidity and relatively accommodative financing conditions. We will guide the reasonable growth of financial aggregates and the balanced extension of credit, ensuring that aggregate financing and money supply stay in step with the projected economic growth and CPI increase.

二是发挥好货币政策总量和结构双重功能，加快落地近期推出的一系列结构性货币政策工具，引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域，扎实做好金融“五篇大文章”。同时，加强与财政政策协同发力，放大政策激励效能。

Second, we will fully leverage the role of monetary policies in adjusting both the monetary aggregate and structure, and accelerate the implementation of recently introduced structural monetary policy tools. We will guide financial institutions to step up support for key areas such as expanding domestic demand, sci-tech innovation, and micro, small- and medium-sized enterprises. We will encourage them to make solid progress in the five key areas of financial work. At the same time, we will strengthen coordination with fiscal policy to amplify policy incentives and effectiveness.

三是发挥好政策利率引导作用，做好利率政策执行和监督，发挥市场利率定价自律机制作用，提升银行理性定价能力，维护有序竞争环境，促进社会综合融资成本低位运行。同时，保持汇率弹性，保持人民币汇率在合理均衡水平上基本稳定，防范汇率超调风险。

Third, we will better leverage the guiding role of policy interest rates and strengthen implementation and oversight of interest rate policies. We will give full play to the self-regulatory mechanism for market interest rate pricing, enhance banks' capacity for rational pricing, maintain an orderly competitive environment, and promote the overall financing costs to remain at a low level. At the same time, we will maintain exchange rate flexibility, keep the RMB exchange rate basically stable at a reasonable and balanced level, and guard against the risk of excessive exchange rate fluctuations.

四是做好预期引导，持续健全可置信、常态化、制度化的政策沟通机制，多元化多渠道做好政策解读与信息公布，不断提升货币政策的透明度。

Fourth, we will strengthen expectations management and continue to improve credible, regularized and institutionalized policy communication mechanisms. We will diversify channels for policy interpretation and information disclosure, and steadily enhance the transparency of monetary policy.

您问到的关于降准降息，从今年看还有一定的空间。从法定存款准备金率看，目前金融机构的法定存款准备金率平均为6.3%，降准仍然有空间。从政策利率来看，外部约束方面，目前人民币汇率比较稳定，美元处于降息通道，总体来看汇率不构成很强的约束；内部约束方面，2025年以来银行净息差已经出现企稳的迹象，连续两个季度保持在1.42%，2026年还有规模较大的三年期及五年期等长期存款到期重定价，这次人民银行也下调了各项再贷款利率，这些都有助于降低银行付息成本、稳定净息差，为降息创造一定空间。

Regarding your question on further reductions in the reserve requirement ratio and interest rates, there remains some room this year. From the perspective of the statutory reserve requirement ratio, the current average ratio for financial institutions stands at 6.3%, indicating that there is still room for further reductions. From the perspective of policy interest rates, on the external front, the RMB exchange rate is relatively stable, and the U.S. dollar is on an interest rate easing path, meaning that exchange rate considerations do not pose a strong constraint overall. On the domestic front, banks' net interest margins have shown signs of stabilization since 2025, remaining at 1.42% for two consecutive quarters. In 2026, a relatively large volume of long-term deposits, including three-year and five-year deposits, will mature and be repriced. In addition, the PBC has lowered various relending rates. All these factors will help reduce banks' interest expenses, stabilize net interest margins, and create some room for interest rate cuts.

我们还将继续综合施策，促进社会综合融资成本低位运行。比如，推动明示贷款综合融资成本，组织银行会同企业填写“贷款明白纸”，详细明示企业获得贷款需要承担的利息和非利息成本，促进降低评估、担保等融资中间费用，减轻企业费用支出，优化融资环境。强化利率政策执行和监督，发挥好利率自律机制作用，畅通利率政策传导。这些都有助于社会综合融资成本保持低位运行。

We will also continue to take comprehensive measures to keep the overall financing costs at a low level. For example, we will clearly disclose the overall financing costs of loans, organizing banks and enterprises to fill in a detailed form of expenses in interest and non-interest costs for enterprises to obtain loans. By doing so, we will lower appraisal and guarantee fees and other financing fees, reducing enterprise expenses and optimizing the financing environment. We will also strengthen the implementation and supervision of interest rate policies, leverage the interest rate self-regulatory mechanism, and improve the interest rate policy transmission. All of these help keep the overall financing costs at a low level.

关于消费问题，我想请货币政策司谢光启司长来回答。

As for your question about consumption, I'd like to invite Mr. Xie to answer it.

中国人民银行货币政策司司长谢光启:

Xie Guangqi:

我来回答记者朋友关于提振消费的问题。近年来，人民银行围绕支持增强消费能力、提升金融供给、释放消费潜力等方面系统施策，满足消费领域多样化的融资需求。包括设立了5000亿元的服务消费与养老再贷款，引导金融机构创新消费金融产品，持续推进支付服务便利化等。从服务消费与养老再贷款情况来看，截至2025年末，金融机构已经向人民银行报送了两批申请，人民银行发放了再贷款1184亿元。从银行贷款的情况来看，截至2025年11月末，不含个人住房贷款的消费贷款余额已经达到了21.2万亿元。

I'll answer the reporter's question about boosting consumption. In recent years, the PBC has implemented systematic measures to support for enhancing consumption capacity, increasing financial supply, and unleashing consumption potential, thereby meeting the diverse financing needs in the consumption sector. These measures include establishing a 500-billion-yuan relending facility for service consumption and elderly care, guiding financial institutions to innovate consumer financial products, and continuously facilitating payment services. Regarding service consumption and elderly care relending, as of the end of 2025, the PBC had received two batches of applications from financial institutions and provided relending funds of 118.4 billion yuan. In terms of bank loans, as of the end of November 2025, the outstanding balance of consumer loans (excluding individual housing loans) had reached 21.2 trillion yuan.

下阶段，人民银行将继续实施好适度宽松的货币政策，为提振消费、扩大内需创造适宜的货币金融环境，在此基础上，进一步发挥好货币信贷政策的结构引导功能，不断提升金融支持消费的适配性、有效性。

In the next stage, the PBC will continue to implement an appropriately accommodative monetary policy to create a favorable monetary and financial environment for boosting consumption and expanding domestic demand. On this basis, the central bank will further leverage the guiding role of structural monetary and credit policies and continuously improve the suitability and effectiveness of financial support for consumption.

一是提升服务消费重点领域的金融支持效能。刚才邹行长在开场白里已经提到了，人民银行将进一步拓展服务消费与养老再贷款的支持领域，待有关产业主管部门明确了健康产业的认定标准以后，将适时把健康产业纳入服务消费与养老再贷款的支持领域。通过再贷款适当优惠的利率，激励引导金融机构按照市场化法治化的原则，增加消费领域的信贷投放。继续引导金融机构结合消费场景创新产品和服务，重点支持住宿餐饮、文旅体育娱乐、养老托育、家政服务等与民生关联度很高的行业。

First, we will enhance the efficacy of financial support for key areas of service consumption. As Mr. Zou mentioned in his opening remarks, the PBC will further expand the scope of support for service consumption and elderly care relending. After the criteria for accrediting the health care services are clearly defined by competent authorities, they will be included in the support scope for service consumption and elderly care relending in due course. By offering appropriately preferential interest rates for relending, financial institutions can be incentivized and guided to increase credit supply in the consumer sector in accordance with market-oriented and law-based principles. We will continue to guide financial institutions to innovate products and services in conjunction with consumption scenarios, with a focus on supporting industries that are highly relevant to people's livelihoods, such as accommodation and catering, culture, tourism, sports and entertainment, elderly care and child care, and housekeeping services.

二是促进增强居民消费能力，支持真实消费融资需求。继续实施好创业担保贷款政策，支持重点群体的就业创业和符合条件的小微企业吸纳就业。支持中国资本市场健康稳定发展，增加居民的投资渠道。规范发展消费金融，满足居民多样化、个性化的消费需求。加强金融、财政政策协同，配合落实好消费领域贷款贴息等政策，降低消费领域的融资成本。

Second, we will help increase people's spending power and support genuine financing needs for consumption. We will continue to implement the guarantee loan policy for business startups to support employment and entrepreneurship for key groups and to help eligible micro and small enterprises create jobs. We will support the healthy and stable development of China's capital market and expand investment channels for residents. We will regulate the development of consumer finance to meet people's diverse and personalized consumption needs. We will also strengthen the coordination of financial and fiscal policies to implement consumer loan interest subsidy programs and other policies, reducing financing costs in the consumer sector.

三是优化消费金融基础服务。持续完善多元化的支付服务体系，结合重点消费场景提升支付体验，实施好一次性信用修复政策，改善消费金融环境。

Third, we will optimize basic consumer finance services. We will continue to improve the diversified payment service system, enhance the payment experience in key consumption scenarios, effectively implement the one-time credit repair policy, and improve the consumer financial environment.

我就回答到这里，谢谢。

That's all for my answer. Thank you.

21世纪经济报道记者:

21st Century Business Herald:

刚才李斌副局长介绍了2025年外汇市场保持较强韧性和活力，请问您如何展望2026年外汇市场走势？谢谢。

Mr. Li just mentioned that the foreign exchange market maintained strong resilience and vitality in 2025. How do you expect the foreign exchange market to perform in 2026? Thank you.

李斌:

Li Bin:

感谢您对外汇市场形势的关注。我来回答这个问题。作为大型开放经济体，我国外汇市场会受到内外部多重因素影响，综合各方面情况，2026年我国外汇市场有望稳定运行，跨境资金流动保持平稳有序，外汇市场韧性也将不断增强。具体来看：

Thank you for your interest in the foreign exchange market. I will answer this question. China is a large open economy. Its foreign exchange market is usually affected by multiple internal and external factors. Taking this into account, China's foreign exchange market is expected to perform steadily in 2026, with cross-border capital flow remaining stable and orderly. The resilience of the foreign exchange market is increasingly robust. Let me give you some details.

首先，我国不断提升经济发展质效，经济基础更加坚实。近年来我国经济总量连续跨越新关口。同时，新质生产力持续壮大，2025年前11个月，规模以上高技术产业增加值同比增长9.2%，成为拉动经济增长重要的新动能。“十五五”时期，我国将加快构建新发展格局，推进科技创新和产业创新深度融合，大力提振消费和扩大有效投资，经济大盘稳中向好的态势将持续巩固。

First, China continues to improve the quality and efficiency of economic development, laying a more solid economic foundation. In recent years, China's economic output has crossed thresholds one after another. Meanwhile, new quality productive forces have continued to grow. In the first 11 months of 2025, the value added of high-tech enterprises above the designated size increased by 9.2% year on year, becoming an important new driver of economic growth. During the 15th Five-Year Plan period, China will move faster to foster a new pattern of development, promote full integration between technological and industrial innovation, vigorously boost consumption and expand effective investment, thereby maintaining steady and sound economic performance.

第二，我国积极扩大高水平对外开放，跨境贸易和双向投资不断拓展。近年来我国涉外经济总量持续增长。2025年货物贸易进出口总额超过6.3万亿美元，我国是150多个国家和地区的主要贸易伙伴。2025年9月末，我国对外直接投资和外商来华直接投资存量分别达到3.4万亿和3.7万亿美元，均居世界前列。未来我国将继续扩大自主开放，推动进出口平衡发展，塑造吸引外资新优势，有效实施对外投资管理，涉外经济规模将继续壮大、结构有望更趋均衡，跨境资金流动将保持平稳有序。

Second, China will expand high-standard opening up, with cross-border trade and two-way investment constantly expanding. In recent years, China's foreign-related economic output has continued to increase. In 2025, the total value of imported and exported goods exceeded $6.3 trillion. China has become the main trading partner of more than 150 countries and regions. At the end of September 2025, China's outward direct investment and the foreign direct investment stock in China reached $3.4 trillion and $3.7 trillion respectively, both ranking among the top in the world. In the future, China will continue to take the initiative to open wider, promote balanced development of imports and exports, create new advantages in attracting foreign investment, and effectively manage foreign investment. By doing so, China's foreign-related economy will continue to grow with a larger scale and a more balanced structure. Its cross-border capital flow will remain both stable and orderly.

第三，我国持续推进外汇市场深化发展，抵御外部风险的底气更足。我国外汇交易量持续创历史新高，市场参与主体涵盖国内主要金融机构以及境外机构，交易主体多元、市场深度拓展，能够有效吸纳外部环境变化的影响。同时，境内主体的外汇风险敞口也在降低，2025年企业套期保值比率比上年提高了3个百分点，货物贸易中使用人民币结算的比重也提高到近30%，企业、银行等主体应对市场变化的能力更强。此外，近年来人民币汇率市场化形成机制不断完善，有效发挥了促进供求平衡的稳定器功能。跨境资金流动宏观审慎调节工具箱充足，应对外部冲击风险的经验持续积累。

Third, China continues to deepen the development of its foreign exchange market, with greater confidence in withstanding external risks. China's foreign exchange trading volume continues to reach record highs. Market participants now include major domestic financial institutions as well as overseas institutions. The diversity of trading entities and the expansion of market depth enable effective absorption of impacts from changes in the external environment. At the same time, the foreign exchange risk exposure of domestic entities has also been decreasing. In 2025, the corporate hedging ratio increased by 3 percentage points compared with the previous year, and the proportion of goods trade settled in yuan rose to nearly 30%. Enterprises, banks and other entities are now better equipped to respond to market changes. In addition, the market-based yuan exchange rate regime has continuously improved in recent years, playing a stabilizing role in balancing supply and demand. The macro-prudential toolkit for managing cross-border capital flows remains well-equipped, and experience in addressing external shocks continues to accumulate.

从外部环境看，今年全球经济有望温和增长，主要发达经济体可能继续降息，有助于我国外汇市场稳健运行。当然国际金融市场和地缘政治领域还存在较多不确定、难预料因素。我们将持续加强跨境资金流动监测，增强外汇市场韧性，完善宏观审慎管理和预期管理，维护外汇市场稳健运行，保持人民币汇率在合理均衡水平上基本稳定。我就回答这么多，谢谢。

From an external perspective, the global economy is expected to grow moderately this year, and major developed economies may continue cutting interest rates, which should support the stable operation of China's foreign exchange market. Of course, many uncertainties and unpredictable factors remain in international financial markets and geopolitics. We will continue to strengthen monitoring of cross-border capital flows and enhance the resilience of the foreign exchange market. We will also improve macro-prudential and expectation management to maintain the sound operation of the foreign exchange market and keep the yuan exchange rate basically stable at a reasonable and balanced level. That is all from me. Thank you.

美国国际市场新闻社记者:

Market News International:

中国的CPI增速持续低于目标值，目前物价水平仍然偏低，请问人民银行如何看今年的物价形势，将采取哪些措施促进物价的合理回升？另外一个问题是，人民银行如何看今年人民币对美元汇率的可能表现和扰动因素？谢谢。

Firstly, China's CPI has remained below the target level, with current price levels still low. How does the PBC view the outlook for prices this year, and what measures will be taken to promote a moderate recovery in prices? And the second question is: how does the PBC view the outlook and possible performance of the yuan-U.S. dollar exchange rate this year? And what are the potential sources of volatility or disruption? Thank you.

邹澜:

Zou Lan:

谢谢您，您问了两个问题，我分别来回答。

Thank you. You asked two questions, and I'll answer them separately.

关于物价的问题，近期，中国的物价水平已经出现了积极变化。2025年12月，CPI同比上涨0.8%，已经回升到了2023年3月以来的最高水平；不包括食品和能源的核心CPI同比上涨1.2%，涨幅连续4个月保持在1%以上，PPI同比降幅也较7月低点收窄了1.7个百分点，环比连续3个月上涨。

Regarding prices, China's price levels have shown positive changes recently. In December 2025, the CPI rose 0.8% year on year, reaching its highest level since March 2023. Core CPI, excluding food and energy, rose 1.2% year on year, remaining above 1% for four consecutive months. The PPI year-on-year decline also narrowed by 1.7 percentage points from its low point in July, and rose for three consecutive months on a month-on-month basis.

观察物价的结构数据也是很有信息量的。在CPI八大类分项指标中，下降较多的是食品和交通分项。2023年以来，猪肉价格累计下降了30%，交通工具价格下降了11.7%，这些项目主要是受周期性因素和市场供需关系影响。同时我们也可以看到，教育文化娱乐价格上涨3.6%，其中旅游这一项就涨了14.4%，这说明中国的居民消费结构在不断优化升级，这些领域的供给还有较大提升空间。

The structural breakdown of prices is also informative. Among the eight major categories of CPI indicators, food and transportation saw the largest declines. Since 2023, pork prices have fallen 30% cumulatively, while transportation prices have dropped 11.7%, mainly due to cyclical factors and supply-demand dynamics. At the same time, prices for education, culture and entertainment rose 3.6%, with tourism alone up 14.4%. This indicates that Chinese residents' consumption patterns are continuously being optimized and upgraded, and there remains considerable room for improvement in supply in these areas.

中国宏观政策的协同效应也在不断强化，国内统一大市场纵深推进，新动能不断发展壮大，提振消费专项行动深入实施，这些还会持续促进供给需求更好匹配，畅通实体经济循环，进一步提振市场信心，对物价继续产生积极影响。

The synergistic effect of China's macroeconomic policies continues to strengthen. The unified national market is being advanced in depth, new growth drivers are developing and expanding, and targeted actions to boost consumption are being implemented. These efforts will continue to promote better alignment between supply and demand, facilitate the circulation of the real economy, further boost market confidence, and have a positive impact on prices.

人民银行一直密切关注物价走势。近年来坚持支持性的货币政策立场，保持流动性充裕，金融总量增长明显高于同期名义GDP增速，而且持续的时间较长，累积的增长量也很大。下阶段，人民银行将认真落实好中央经济工作会议精神，把促进经济稳定增长、物价合理回升作为货币政策的重要考量，继续实施好适度宽松的货币政策，发挥增量政策和存量政策集成效应，为推动物价合理回升营造适宜的货币金融环境。

The PBC has been closely monitoring price trends. In recent years, a supportive monetary policy stance has been maintained, ensuring ample liquidity. Growth in the overall financial sector has been significantly higher than nominal GDP growth over the same period, persisting for a relatively long time and resulting in a large cumulative increase. Moving forward, the PBC will earnestly implement the guiding principles of the Central Economic Work Conference, with promoting stable economic growth and a reasonable rebound in prices as important considerations of monetary policy. It will continue to implement a moderately loose monetary policy, leverage the combined effects of new and existing policies, and create a favorable monetary and financial environment to promote a reasonable recovery in prices.

关于汇率问题，中国汇率政策是清晰的、一贯的，坚持市场在汇率形成中发挥决定性作用，保持人民币汇率在合理均衡水平上的基本稳定。中国是负责任的大国，没有必要、也无意通过汇率贬值来获取国际贸易竞争优势。

Regarding exchange rates, China's exchange rate policy is clear and consistent: the market plays a decisive role in exchange rate formation, and the yuan exchange rate is kept basically stable at a reasonable and balanced level. China is a responsible major country and has neither the need nor the intention to gain a competitive advantage in international trade through currency devaluation.

从全球看，过去几年发达经济体大幅加息后又快速降息，国际上经贸壁垒和摩擦也在增多，全球金融市场波动显著加大。人民币汇率一度面临贬值压力，人民银行、外汇局加强预期管理，防范汇率超调风险。2020年以来，美元指数上涨约1.9%，同期衡量人民币对一篮子货币汇率的CFETS人民币汇率指数上涨7.2%，总体看人民币汇率是稳健的。

Globally, developed economies have sharply raised interest rates in recent years before rapidly cutting them again. International trade barriers and frictions have also increased, leading to significantly greater volatility in global financial markets. The yuan exchange rate faced depreciation pressure, and the PBC and the SAFE strengthened expectation management to prevent the risk of exchange rate overshooting. Since 2020, the U.S. dollar index has risen about 1.9%, while over the same period, the CFETS yuan index, which measures the yuan exchange rate against a basket of currencies, has risen 7.2%. Overall, the yuan exchange rate has been stable.

影响汇率的因素是非常多元的，比如经济增长、货币政策、金融市场、地缘政治、突发风险事件等。2025年末，在市场力量推动下，人民币对美元汇率升破了7元，主要是2025年5月以来，中美经贸形势趋于缓和，美元指数有所走弱，人民币汇率相对美元升值。向前看，中国具有超大规模市场和完整产业链，科技创新和产业创新加速融合，新动能蓬勃发展，内需潜力不断释放，国内国际双循环更加畅通，宏观经济基本面长期向好，这对人民币汇率基本稳定形成了支撑。

The factors affecting exchange rates are diverse, including economic growth, monetary policy, financial markets, geopolitics and unforeseen shocks. At the end of 2025, driven by market forces, the yuan rose above 7 to the dollar. This was mainly because, since May 2025, China-U.S. economic and trade tensions have eased, the dollar has weakened, and the yuan has appreciated against the dollar. Looking ahead, China has a mega-sized market and a complete industrial chain. Technological innovation and industrial innovation are increasingly integrated, new growth drivers are thriving, domestic demand potential is continuously being released, the domestic-international dual circulation is becoming smoother. These improving long-term macroeconomic fundamentals support the basic stability of the yuan exchange rate.

也要看到，外部形势依然复杂严峻，主要经济体利率调整幅度和节奏还有不确定性，地缘政治冲击可能持续存在，对汇率走势会有一定的扰动，人民币汇率预计将继续双向浮动、保持弹性。在这样的背景下，人民银行持续完善人民币跨境使用政策安排，支持金融机构丰富完善汇率避险产品，提升外贸企业应对汇率波动的能力，增强外汇市场韧性。外贸企业以人民币开展跨境贸易结算，基本上不受汇率波动的影响，这个比例目前大约是30%。以外币开展结算的，外汇套期保值的比率也上升到了30%左右。企业可以提前锁定汇兑成本，避免汇率波动对生产经营造成影响。总体上，相当于大约60%的进出口贸易受汇率变动的影响是比较小的。而且随着高水平制度型开放不断深化，金融服务水平不断改善，预计这个比例还会持续提升。

It should also be noted that the external situation remains complex and challenging. The magnitude and pace of interest rate adjustments in major economies remain uncertain, and geopolitical shocks may persist, leading to volatility in exchange rates. The RMB exchange rate is expected to continue fluctuating in both directions while remaining flexible. Against this backdrop, the PBC has continued to improve policy arrangements for cross-border RMB use and supported financial institutions in enriching exchange rate risk hedging products. We have enhanced the capacity of foreign trade enterprises to manage exchange rate fluctuations and strengthened the resilience of the foreign exchange market. Foreign trade enterprises using RMB for cross-border trade settlement are largely unaffected by exchange rate fluctuations. This proportion currently stands at about 30%. For those settling in foreign currencies, the foreign exchange hedging ratio has also risen to around 30%. Enterprises can lock in exchange costs in advance, avoiding the impact of exchange rate fluctuations on production and operations. Overall, approximately 60% of import and export trade is relatively unaffected by exchange rate fluctuations. Moreover, as high-level institutional opening-up continues to deepen and financial services continue to improve, this proportion is expected to keep rising.

关于外汇市场的韧性和金融提供避险工具的情况，刚才李斌副局长在相关问题中已经作了详细的介绍，我在这里就不再重复。在汇率政策上，人民银行将继续坚持发挥市场在汇率形成中的决定性作用，保持人民币汇率弹性，发挥汇率调节宏观经济和国际收支自动稳定器的功能，强化预期引导，防范汇率超调风险，保持人民币汇率在合理均衡水平上的基本稳定。

Regarding the resilience of the foreign exchange market and the availability of financial hedging tools, Mr. Li has already provided a detailed introduction in his earlier response, so I will not repeat it here. Regarding exchange rate policy, the PBC will continue to uphold the market's decisive role in exchange rate formation and maintain the flexibility of the RMB exchange rate. We will leverage the exchange rate's role as an automatic stabilizer for macroeconomic and balance of payments adjustment. We will strengthen expectation guidance, prevent the risk of exchange rate overshooting, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

谢谢您的提问。

Thank you for your questions.

中央广播电视总台央视记者:

CCTV:

我的问题是，刚才邹澜副行长介绍了人民银行支持民营企业的相关政策，请问政策的主要考虑是什么？下一步将会如何落实？谢谢。

My question is about the PBC policies Mr. Zou just introduced for supporting private enterprises. What are the primary considerations behind these policies? How will these policies be implemented moving forward? Thank you.

邹澜:

Zou Lan:

谢谢您，您这个问题请我们货币政策司谢光启司长来回答。

Thank you. We'll have Mr. Xie answer your questions.

谢光启:

Xie Guangqi:

谢谢您的提问，我来回答这个问题。支持民营经济发展是党中央的一贯方针，“十五五”规划建议当中也提出，要发展壮大民营经济。民营经济是推动创新、促进就业、改善民生的重要力量，必须坚持“两个毫不动摇”，全面落实党中央促进民营经济发展的方针政策。

Thank you for your questions. Let me address them. Supporting the development of the private sector is a consistent policy of the CPC Central Committee. The recommendations for the 15th Five-Year Plan also call for developing and expanding the private sector. The private sector is an important driver of innovation, employment and improved livelihoods. We must remain committed to consolidating and developing the public sector while unswervingly encouraging, supporting and guiding the development of the non-public sector. We will fully implement the CPC Central Committee's policies for promoting the development of the private sector.

近些年来，人民银行持续加强对民营企业的金融支持，民营企业融资规模稳步扩大，融资效率明显提升，融资成本稳步下降。一是积极营造良好的政策氛围。抓好金融支持民营经济25条举措的落实，下调支农支小再贷款利率并增加额度。二是持续提升金融服务民营企业的能力。引导金融机构在内部资金转移定价、尽职免责、绩效考核等方面，对民营小微企业贷款业务给予差异化安排。三是多渠道提升民营企业的融资体验。对民营企业注册发行债务融资工具采用“快速通道”，支持民营企业开展供应链融资等。

In recent years, the PBC has continuously strengthened financial support for private enterprises. The financing scale of private enterprises has steadily expanded, with a notable increase in financing efficiency and a steady decrease in financing costs. First, we have actively created a favorable policy environment. We have worked to implement the 25 measures for financial support to the private sector and to lower re-lending rates for agriculture and small business support while increasing the quota. Second, we have continuously improved the capability to provide financial services to private enterprises. We have guided financial institutions in implementing differentiated loan arrangements for small- and micro-sized private enterprises, including in areas such as internal fund transfer pricing, due diligence accountability exemptions and performance evaluation. Third, we have enhanced the financing experience for private enterprises through multiple channels. We have established a fast track for the registration and issuance of debt financing instruments by private enterprises and have supported private enterprises in conducting supply chain financing.

也要看到，当前民营大型企业融资能力相对较强，民营小微企业相关融资支持政策也是比较多的，相对来讲，民营中型企业的融资可得性要弱一些。为此，人民银行决定设立1万亿元民营企业再贷款，以进一步加大对民营中小微企业的金融支持力度。考虑到支农支小再贷款政策的支持领域已经涵盖了民营企业，而且发挥了比较好的激励作用，民营企业再贷款将设在支农支小再贷款项下。民营企业再贷款在继续支持民营小微企业的基础上，将民营中型企业纳入支持范围，激励引导地方法人金融机构向民营中小微企业发放贷款。我们从现有的支农支小再贷款额度中拿出了5000亿元，再加上新增5000亿元额度，这样共同组成民营企业再贷款的1万亿元额度。民营企业再贷款的利率、期限等与支农支小再贷款保持一致，额度单独管理。

It should also be noted that large private enterprises currently have relatively strong financing capabilities, and there are also relatively abundant financing support policies for small- and micro-sized private enterprises. In comparison, medium-sized private enterprises face weaker access to financing. To this end, the PBC has decided to set up a 1 trillion yuan re-lending facility for private enterprises to further increase financial support for private micro-, small- and medium-sized enterprises. Given that the re-lending policy for the agriculture sector and small businesses already covers private enterprises and has played a positive incentive role, the new re-lending facility for private enterprises will be established under the re-lending facility for the agriculture sector and small businesses. While continuing to support small- and micro-sized private enterprises, the private enterprise re-lending facility will extend its coverage to include medium-sized private enterprises, encouraging and guiding locally incorporated financial institutions to issue loans to small- and micro-sized private enterprises. We have allocated 500 billion yuan from existing re-lending quotas for the agriculture sector and small businesses, plus an additional 500 billion yuan in new quotas. Together, these amount to 1 trillion yuan for the private enterprise re-lending facility. The interest rate, term and other aspects of the private enterprise re-lending facility are consistent with those of the re-lending facility for the agriculture sector and small businesses, while its quota will be managed separately.

下一步，人民银行将继续发挥好货币信贷政策的激励引导作用，不断提升金融服务民营企业的能力和效果。加快落地民营企业再贷款等支持民营企业融资的举措，推动金融机构进一步优化内部政策安排，健全敢贷愿贷能贷会贷长效机制，完善民营中小企业增信制度，同时加强与财政、产业等方面的政策协同，共同营造更优的民营企业发展环境。

Moving forward, the PBC will continue to leverage the incentive and guidance role of monetary and credit policies to constantly enhance financial service capacity and effectiveness for private enterprises. We will accelerate the implementation of measures such as the private enterprise re-lending facility to support private enterprise financing. We will urge financial institutions to further optimize internal policy arrangements and establish long-term mechanisms that encourage them to dare to lend, be willing to lend, be able to lend, and be skilled in lending. We will also improve the credit enhancement system for small- and medium-sized private enterprises. At the same time, we will strengthen policy coordination with fiscal, industrial and other related departments to jointly create a more favorable development environment for private enterprises.

我就回答这些，谢谢。

That's all from me. Thank you.

大众新闻大众日报记者:

Dazhong Daily:

“十五五”规划建议对未来五年的金融外汇工作作出了重要部署，今年是“十五五”开局之年，请问外汇管理工作有哪些重点推进的领域？谢谢。

The recommendations for the 15th Five-Year Plan have made important arrangements for financial and foreign exchange work over the next five years. This year marks the beginning of the 15th Five-Year Plan period. May I ask what the key areas of advancement in foreign exchange management work are? Thank you.

李斌:

Li Bin:

谢谢您的提问，我来回答一下。中央关于“十五五”规划的建议，对做好未来五年的金融外汇工作作出了重要部署。2026年是“十五五”开局之年，外汇局将更好统筹发展和安全，持续构建“更加便利、更加开放、更加安全、更加智慧”的外汇管理体制机制。具体来看，可以概括为坚持做好三项重点领域工作、持续提升两个方面的能力。

Thank you for your question. I'll answer that. The CPC Central Committee's recommendations for the 15th Five-Year Plan have made important arrangements for advancing financial and foreign exchange work over the next five years. The year 2026 marks the beginning of the 15th Five-Year Plan period. The SAFE will better balance both development and security, while continuing to build a foreign exchange management system that is more convenient, open, secure and smart. Specifically, this can be summarized as focusing on three key areas of work and continuously improving two types of capabilities.

第一，坚持金融服务实体经济这个根本宗旨，继续深化外汇便利化改革，增强高质量发展活力动力。继续优化贸易外汇业务管理，有序扩大跨境贸易投资高水平开放试点。加大力度支持跨境电商、市场采购贸易等贸易新业态发展，支持支付机构、银行自动批量审核交易电子信息，便捷办理相关资金结算。以支持科技创新和绿色发展为重点，继续做好金融“五篇大文章”。推进跨境金融服务平台建设，拓展新的应用场景，为企业提供更加智能高效、安全便捷的外汇服务。优化个人用汇服务，进一步提升外籍来华人员、企业涉外员工等用汇便利化。

First, we will uphold the fundamental purpose of financial services supporting the real economy, continue to deepen foreign exchange facilitation reforms, and enhance the vitality and momentum of high-quality development. We will continue to optimize foreign exchange management for trade and expand pilot programs for high-level opening-up in cross-border trade and investment in an orderly manner. We will strengthen support for new forms of trade, such as cross-border e-commerce and market procurement trade, and support payment institutions and banks in automatically processing electronic transaction information in batches to facilitate related fund settlements. With a focus on supporting technological innovation and green development, we will continue to advance the five major areas of finance. We will advance the development of cross-border financial service platforms, expand new application scenarios, and provide enterprises with more intelligent, efficient, safe and convenient foreign exchange services. We will enhance foreign exchange services for individuals and further improve the convenience of foreign exchange use for foreign nationals coming to China and internationally-engaged employees of enterprises.

第二，坚持推进高水平对外开放，稳步扩大外汇领域开放，助力合作共赢。统筹推进人民币国际化与资本项目高质量开放，深化直接投资、证券投资、跨境融资等领域外汇管理改革。下一阶段我们将出台境外放款、国内外汇贷款资金管理等政策，更好支持企业“走出去”和外贸发展。在全国实施跨国公司本外币跨境资金集中运营管理政策，进一步提高资金周转效率，降低企业财务成本。支持上海、香港国际金融中心建设，优化升级自贸试验区、海南自由贸易港等高能级开放平台的外汇管理政策。同时，不断提升金融机构外汇展业能力，继续深化银行外汇展业改革，稳步扩大改革覆盖面，做好与经常项下、资本项下便利化政策的融合，更好实现政策系统集成，更多便利企业和银行。持续完善外汇储备经营管理，全力保障外汇储备资产安全、流动和保值增值。

Second, we will continue to promote high-standard opening up, steadily expand opening up in the foreign exchange sector, and promote win-win cooperation. We will coordinate efforts to promote the internationalization of the RMB and the high-quality opening up of the capital account, and deepen forex management reforms in areas such as foreign direct investment, securities investment, and cross-border financing. Next, we will introduce policies on overseas lending and the management of domestic foreign exchange loan funds to better support enterprises in "going global" and the development of foreign trade. We will implement the policy of centralized cross-border operation and management of domestic and foreign currency funds for multinational companies nationwide, further improving capital turnover efficiency and reducing corporate financial costs. We will support the development of Shanghai and Hong Kong as international financial centers, and upgrade forex management policies for high-level opening platforms such as pilot free trade zones and the Hainan Free Trade Port. At the same time, we will continuously enhance the foreign exchange business capabilities of financial institutions, continue to deepen the reform of banks' foreign exchange business, steadily expand the coverage of reforms, ensure integration with facilitation policies under the current account and capital account and better integration of policies to provide more convenience for enterprises and banks. We will continue to improve the operation and management of foreign exchange reserves, and make every effort to ensure the safety, liquidity, and value preservation and appreciation of foreign exchange reserve assets.

第三，坚持“放得活”又“管得好”，推动外汇市场发展，提升开放监管能力，保持外汇市场稳健运行。进一步完善汇率风险管理，引导金融机构开发简单好用的汇率避险产品，降低中小微企业汇率避险成本，持续提升外汇市场基础设施服务水平。根据形势变化必要时强化宏观审慎管理和预期管理，筑牢外汇市场“防波堤”“防浪堤”，切实维护外汇市场保持稳健运行。同时，进一步巩固完善外汇监管，深化非现场监管能力建设，加强异常渠道和线索分析，持续打击非法跨境金融活动。

Third, we will adhere to the principles of both "dynamic deregulation" and "effective regulation" to promote the development of the foreign exchange market, enhance open regulatory capabilities, and ensure sound operation of the foreign exchange market. We need to further improve exchange rate risk management, guide financial institutions to develop simple and easy-to-use exchange rate hedging products, reduce exchange rate hedging costs for micro, small, and medium enterprises, and continuously improve the services of foreign exchange market infrastructure. We will strengthen balanced macroeconomic governance and expectations when necessary, based on new development, support the financial safety net for the foreign exchange market, and effectively ensure sound operation of the foreign exchange market. At the same time, we will further improve foreign exchange regulation, deepen the development of off-site regulating capabilities, strengthen the analysis of abnormal channels and clues, and continuously crack down on illegal cross-border financial activities.

在做好上述这些工作的同时，我们将不断提升两方面的能力：一是做好畅通外汇政策传导落实这篇大文章，更加注重提高政策实施效果，加强对“外汇政策绩效”和“区域外汇生态”情况的动态评估，努力做好从政策出台到企业、居民可及可感“最后一公里”的闭环管理，切实惠企利民。二是加强科技赋能，稳步探索建设“智慧外管”，不断提高外汇管理和服务的数智化水平，提升外汇管理的有效性、外汇服务的体验感和友好度。以上就是我的回答，谢谢。

While carrying out the above work, we will continuously enhance two aspects of our capabilities. First, we will focus on ensuring the mechanism for transmission and implementation of foreign exchange policies, place greater emphasis on improving policy implementation, enhance dynamic evaluation of "foreign exchange policy performance" and "regional foreign exchange ecology," and strive to achieve a closed cycle of management from policy formulation to the "last mile" of policy delivery. This will make them accessible and tangible for enterprises and residents and truly benefit businesses and the public. Second, we will strengthen technological empowerment, steadily explore the development of "smart foreign exchange administration," continuously improve the digitalization and intelligence of forex administration and services, and enhance the effectiveness, as well as the experience and friendliness of foreign exchange services. That's all for your question. Thank you.

金融时报记者:

Financial Times:

过去一年货币信贷结构围绕金融“五篇大文章”重点领域持续优化，请问2025年信贷总量和结构有何特点？其中金融“五篇大文章”领域融资情况如何？对于2026年信贷增长有何预期？谢谢。

Over the past year, the structure of monetary credit has been continuously optimized around the key areas of the five financial sectors. What are the characteristics of the total credit volume and structure in 2025? What is the financing situation in the areas of the five financial sectors? What are the expectations for credit growth in 2026? Thank you.

邹澜:

Zou Lan:

谢谢你，这个问题请我们调查统计司闫先东司长回答。

Thank you. I would like to invite Mr. Yan Xiandong to answer these questions.

中国人民银行新闻发言人、调查统计司司长闫先东:

Yan Xiandong:

谢谢提问。2025年以来，人民银行实施适度宽松货币政策，强化逆周期调节，综合运用多种货币政策工具组合，服务实体经济高质量发展。从效果上看，2025年货币信贷呈现“总量增长，结构优化”的特征。

Thank you for your questions. Since 2025, the PBC has implemented a moderately loose monetary policy, strengthened counter-cyclical adjustments, employed a mix of monetary policy tools, and supported the high-quality development of the real economy. In terms of results, monetary and credit performance in 2025 was characterized by "aggregate growth and structural optimization."

信贷总量保持平稳增长。2025年末，金融机构人民币各项贷款余额271.91万亿元，同比增长6.4%；如果还原地方专项债置换对贷款的影响，增速在7%左右。全年人民币各项贷款新增16.27万亿元，显示金融体系对实体经济的信贷支持保持在较高水平。从结构上看，主要有以下特点：

And the credit aggregate maintained steady growth. At the end of 2025, the outstanding balance of RMB loans from financial institutions was 271.91 trillion yuan, a year-on-year increase of 6.4%; if the impact of local government special bond swaps on loans is taken into account, the growth rate would be around 7%. New RMB loans totaled 16.27 trillion yuan for the year, indicating that the financial system maintained a high level of credit support for the real economy. Structurally, we can observe the following characteristics.

从借款主体看，企（事）业单位贷款是信贷增长主体。2025年，企（事）业单位贷款增加15.47万亿元，其中中长期贷款增加8.82万亿元，是企（事）业单位贷款增加的主要构成，表明金融持续为实体经济提供稳定的资金来源。住户贷款增加4417亿元，经营贷款增长9380亿元，体现了金融机构持续加强对个体工商户和小微企业主生产经营活动的支持力度。

In terms of borrowers, loans to enterprises and public institutions constitutes the main driver of credit growth. In 2025, loans to enterprises and institutions increased by 15.47 trillion yuan, of which medium- and long-term loans increased by 8.82 trillion yuan, forming the principal component of the increase in loans to enterprises and institutions. This demonstrates that the financial system continues to provide stable funding sources for the real economy. Household loans increased by 441.7 billion yuan, and business loans increased by 938 billion yuan, reflecting the continued efforts of financial institutions to strengthen support for the production and operational activities of self-employed individuals and owners of small and micro enterprises.

从行业投向看，贷款行业结构持续优化。2025年末，制造业中长期贷款余额同比增长6.6%，基础设施业中长期贷款余额同比增长6.9%，不含房地产业的服务业中长期贷款同比增长9.4%。

In terms of sectors, the loan industry structure continues to be optimized. By the end of 2025, the outstanding balance of medium- and long-term loans to the manufacturing sector increased by 6.6% year-on-year, that to the infrastructure sector increased by 6.9% year-on-year, and the outstanding balance of medium- and long-term loans to the service sector (excluding real estate) increased by 9.4% year-on-year.

在金融“五篇大文章”领域，健全“1+5”政策框架，强化激励约束，优化结构性货币政策工具体系，实现了对金融“五篇大文章”各领域的全覆盖。

In the five major areas of finance, the "1+5" policy framework has been refined, incentives and constraints have been strengthened, and the system of structural monetary policy tools has been optimized, achieving full coverage across all areas of the five key areas of finance.

一是总量快速增长。2025年11月末，金融“五篇大文章”贷款余额107.7万亿元，同比增长12.8%。金融“五篇大文章”各子类贷款之间是有重复的，如科技贷款和绿色贷款之间重复16.5万亿元，科技贷款和数字经济产业贷款之间重复7.5万亿元。我这里向大家通报的金融“五篇大文章”贷款余额是汇总余额，剔除了各子类之间的重复，精准体现金融“五篇大文章”的工作成效。其中，大家比较关心的科技贷款余额44.8万亿元，同比增长11.5%。绿色贷款余额44.2万亿元，同比增长23%。普惠贷款余额39.8万亿元，同比增长10.3%。养老产业贷款余额2162亿元、数字经济产业贷款余额8.5万亿元，同比增速分别是60.2%和14.6%，均高于各项贷款增速。

First, the total amount has grown rapidly. At the end of November 2025, the loan balance for the five major areas of the finance was 107.7 trillion yuan, an increase of 12.8% year-on-year. There is overlap among the subcategories of the five major areas of finance, for instance, an overlap of 16.5 trillion yuan between technology loans and green loans, and an overlap of 7.5 trillion yuan between technology loans and digital economy industry loans. The loan balance of the five major areas of the finance I am reporting here is an aggregated balance that excludes overlaps among subcategories, thereby accurately reflecting the effectiveness of the work on the five major areas of the finance. Among them, the technology loan balance, which is a focus of public attention, stood at 44.8 trillion yuan, an increase of 11.5% year-on-year. The green loan balance amounted to 44.2 trillion yuan, an increase of 23% year-on-year. The inclusive loan balance reached 39.8 trillion yuan, an increase of 10.3% year-on-year. The elderly care industry loan balance totaled 216.2 billion yuan, and the digital economy industry loan balance was 8.5 trillion yuan, with year-on-year growth rates of 60.2% and 14.6% respectively, both exceeding the growth rate of all loans.

二是融资成本明显下降。2025年11月，金融“五篇大文章”新发放贷款利率比上年同期低0.42个百分点，其中科技新发放贷款利率2.81%，比上年同期低0.32个百分点，数字经济产业新发放贷款利率2.7%，比上年同期低0.51个百分点。

Second, financing costs have declined noticeably. In November 2025, the interest rate for newly issued loans under the five major areas of the finance was 0.42 percentage point lower than the same period last year, among which the interest rate for newly issued technology loans was 2.81%, 0.32 percentage point lower than the same period last year, and the interest rate for newly issued digital economy industry loans was 2.7%, 0.51 percentage point lower than the same period last year.

三是融资可得性进一步上升。2025年11月末，服务企业和个人共计8255万户，比上年同期增加547万户。

Third, financing availability has further increased. By the end of November 2025, a total of 82.55 million enterprises and individuals had been served, an increase of 5.47 million from the same period last year.

此外，金融“五篇大文章”债券和票据融资稳步增长。这是按照季度统计的。2025年三季度末，金融“五篇大文章”债券余额6.7万亿元，比上年末增长20.4%；包含承兑、贴现在内的金融“五篇大文章”票据余额10.9万亿元，比上年末增长7.2%。

In addition, bond and bill financing in the five major areas of finance has grown steadily. This is calculated quarterly. By the end of the third quarter of 2025, the balance of bonds under the five major areas was 6.7 trillion yuan, up 20.4% from the end of the previous year. The balance of bills under the five major areas, including acceptance bills and discounted bills, was 10.9 trillion yuan, up 7.2% from the end of the previous year.

2026年，中国人民银行将继续深入贯彻落实党中央、国务院决策部署，聚焦加快金融强国建设目标，综合运用多种货币政策工具，健全完善金融市场体制机制，推动金融资源更精准、更高效地流向重点领域和薄弱环节。

In 2026, the PBC will continue to thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council, focusing on advancing the goal of building a nation with a strong financial sector. We will deploy various monetary policy tools, enhance the financial market system and mechanisms, and channel financial resources more precisely and efficiently to key areas and weaker links in the economy.

我就回答这么多，谢谢。

That is all from me. Thank you.

大象新闻记者:

Elephant News:

2025年中国金融市场双向开放持续推进，请问外汇局在提升资本项目开放水平，还有进一步扩大投融资便利化方面，将会有哪些新的举措？谢谢。

In 2025, the two-way opening-up of China's financial market continued to advance. May I ask what new measures the SAFE will take to enhance capital account opening up and further expand investment and financing facilitation? Thank you.

李斌:

Li Bin:

这个问题涉及资本项目开放，请我们资本项目管理司的肖胜司长回答。

This question involves capital account opening up. I'd like to invite Mr. Xiao to answer.

国家外汇局资本项目管理司司长肖胜:

Xiao Sheng:

我来回答您的问题。“十五五”规划建议提出要“提升资本项目开放水平”，我们将锚定“十五五”目标任务，有序推进直接投资、证券投资、跨境融资等领域资本项目高水平制度型开放，主要措施包括以下四个方面。

I'll take your question. The recommendations for the 15th Five-Year Plan call for pursuing greater openness of RMB capital accounts. We will work toward this goal and advance high-standard institutional opening up regarding capital accounts in areas such as direct investment, securities investment and cross-border financing in an orderly manner. The main measures include the following four aspects.

第一，有序推进金融市场双向开放。近期，人民银行、外汇局联合发布境内企业境外上市资金管理政策，统一境外上市本外币资金管理，支持企业在境外金融市场高效融资。下一步，我们将进一步研究优化合格境外机构投资者（QFII）跨境资金政策，继续有序发放合格境内机构投资者（QDII）投资额度，配合有关部门推进沪深港通、债券通等金融市场互联互通机制建设，不断提升金融市场双向开放水平。

First, we will advance the two-way opening up of the financial market in an orderly manner. Recently, the PBC and the SAFE jointly issued a policy on fund management for domestic enterprises listing overseas, unifying domestic and foreign currency fund management for overseas listings, and supporting enterprises in raising funds efficiently in overseas financial markets. Next, we will further study and optimize the cross-border capital policy for qualified foreign institutional investors (QFII), and continue to allocate qualified domestic institutional investors (QDII) investment quotas in an orderly manner. We will work with relevant departments to advance financial market interconnection mechanisms such as the Shanghai-Hong Kong Stock Connect, the Shenzhen-Hong Kong Stock Connect, and Bond Connect, continuously enhancing the level of two-way opening-up of the financial market.

第二，持续深化跨境投融资外汇管理改革。我们将进一步加大力度推进外商直接投资外汇管理改革，着力简化相关外汇登记手续，便利外商投资资金支付使用，更好助力外资来华展业兴业。修订出台境内企业境外放款本外币一体化管理办法，支持便利“走出去”企业资金融通，更好降本增效。完善出台国内外汇贷款外汇管理政策，助力企业更好开展跨境贸易活动。同时，我们还将制定新的一揽子跨境投融资便利化政策措施，进一步优化汇兑管理，提升数字化服务水平，更好支持实体经济高质量发展。

Second, we will continue to deepen foreign exchange management reform for cross-border investment and financing. We will further intensify efforts to advance foreign exchange management reform for foreign direct investment, simplify relevant foreign exchange registration procedures, facilitate the payment and use of foreign investment funds, and better support foreign investors in developing their businesses in China. We will revise and introduce measures for the integrated management of domestic and foreign currency for overseas loans granted by domestic enterprises. This will support and facilitate financing for enterprises going global, helping reduce costs and improve efficiency. We will also improve and introduce foreign exchange administration policies for domestic foreign exchange loans to better support enterprises' cross-border trade activities. At the same time, we will prepare a new package of policies and measures to facilitate cross-border investment and financing, further optimize foreign exchange management, and enhance digital services capabilities to better support the real economy's high-quality development.

第三，积极提升做好金融“五篇大文章”能力。2025年，我们针对高新技术、“专精特新”和科技型中小企业，升级出台更便利的跨境融资政策，并开展绿色外债业务试点，支持绿色发展和低碳转型项目。截至目前，上述政策已助力企业合计获得近百亿美元融资。下一步我们将继续以科技金融和绿色金融为重点，进一步抓好政策落实和试点的升级扩面，让更多企业享受到政策便利，支持科技创新和绿色低碳发展。

Third, we will actively enhance our ability to effectively advance the five major areas of finance. In 2025, we upgraded and introduced more convenient cross-border financing policies for high-tech, specialized and innovative, and technology-based SMEs. We also launched a pilot program for green foreign debt financing to support green development and low-carbon transition projects. To date, these policies have helped companies secure nearly $10 billion in financing. Looking ahead, we will continue to focus on technology finance and green finance, further strengthen policy implementation, upgrade and expand pilot programs so that more enterprises can benefit from our policies, and support technological innovation and green, low-carbon development.

第四，推广升级跨国公司本外币资金池政策。近年来，我们持续推进跨国公司资金池政策迭代升级，并加大对各类资金池的整合力度，初步形成“本外币合一，高低版搭配”的跨国公司资金池政策框架。截至目前，已惠及超1100家跨国公司、1.9万家成员企业，涉及跨境收支2.1万亿美元。近期，我们已将适用于大型或超大型跨国公司的本外币一体化资金池政策推广全国。2026年，我们还将面向更多中等规模的跨国公司，在全国范围内推广跨境资金集中运营管理政策，支持便利更多跨国公司灵活高效开展跨境资金运营，助力总部经济发展。谢谢！

Fourth, we will promote and upgrade the policy on multinational corporations' RMB and foreign currency cash pools. In recent years, we have continuously upgraded multinational corporation cash pool policies and strengthened the integration of various types of cash pools. We have formed a multinational corporation cash pool policy framework with unified domestic and foreign currency management and nuanced versions of cash pools. To date, it has benefited more than 1,100 multinational corporations and 19,000 member companies, involving cross-border receipts and payments of $2.1 trillion. Recently, we have extended the integrated RMB and foreign currency cash pool policy for large and super-large multinational corporations nationwide. In 2026, we will extend the centralized cross-border fund operation and management policy to more medium-sized multinational companies nationwide. This will enable more multinationals to conduct cross-border fund operations agilely and efficiently, and support the development of the headquarters economy. Thank you.

顶端新闻记者:

Dingduan News:

近期数据显示，M2和社会融资规模保持稳定增长。请问2025年社会融资规模和M2增长有何特点？谢谢。

According to recent data, M2 and total social financing have maintained steady growth. What were the key characteristics of social financing scale and M2 growth in 2025? Thank you.

邹澜:

Zou Lan:

谢谢，最后一个问题还是请调查统计司闫先东司长回答。

Thank you. For this final question, I would like to invite Mr. Yan to respond.

闫先东:

Yan Xiandong:

谢谢你的提问。2025年以来，人民银行实施适度宽松的货币政策，保持流动性充裕，社会融资规模和广义货币供应量M2的增速均保持在较高水平。2025年末，我国社会融资规模和广义货币供应量M2余额分别同比增长8.3%和8.5%，增速分别比经济增长和CPI预期目标高约1.3和1.5个百分点。

Thank you for your question. Since the start of 2025, the PBC has implemented a moderately loose monetary policy, maintaining ample liquidity. Growth in aggregate financing to the real economy (AFRE) and in M2 have both remained relatively high. By the end of 2025, China's AFRE and M2 increased 8.3% and 8.5% year on year, respectively, with growth rates approximately 1.3 and 1.5 percentage points higher than the projected targets for economic growth and the CPI.

社会融资规模保持合理增长，较好地满足了实体经济的资金需求。2025年社会融资规模增量是35.6万亿元。从结构上看，一是在社会融资规模增量中，直接融资达到16.7万亿元，占比46.9%，比“十三五”的最后一年，也就是2020年，高7.8个百分点。其中，政府债券净融资是13.84万亿元，比上年多2.54万亿元；通过发挥民营企业债券融资支持工具作用，创新推出债券市场“科技板”，加大对科技创新、民营企业的支持力度，非金融企业债券净融资是2.39万亿元，比上年多4825亿元；落实好支持资本市场的政策措施，稳定市场预期，非金融企业股票融资4763亿元，比上年多1863亿元。二是金融机构对实体经济发放的人民币贷款保持合理增长，全年增加15.91万亿元。此外，表外融资向好，全年信托贷款、委托贷款和未贴现的银行承兑汇票合计增加4997亿元，同比多增4891亿元。

AFRE maintained reasonable growth, adequately meeting the funding needs of the real economy. In 2025, AFRE increased by 35.6 trillion yuan. First, in terms of composition, direct financing within the AFRE increment reached 16.7 trillion yuan, accounting for 46.9%. This was 7.8 percentage points higher than in 2020, the final year of the 13th Five-Year Plan period. Specifically, net government bond financing totaled 13.84 trillion yuan, up 2.54 trillion yuan from the previous year. Net non-financial corporate bond financing reached 2.39 trillion yuan, up 482.5 billion yuan from the previous year. This was achieved by leveraging financing support tools for private enterprise bonds and launching the "sci-tech board" in the bond market, an innovative initiative to enhance support for technological innovation and private enterprises. Additionally, through policies and measures to support the capital market and stabilize market expectations, non-financial corporate equity financing reached 476.3 billion yuan, up 186.3 billion yuan from the previous year. Second, yuan loans issued by financial institutions to the real economy maintained reasonable growth, increasing by 15.91 trillion yuan for the year. In addition, off-balance-sheet financing improved, with trust loans, entrusted loans, and undiscounted bankers' acceptance bills increasing by a total of 499.7 billion yuan for the year, up 489.1 billion yuan year on year.

M2增速加快，持续为经济回升向好创造适宜的货币金融环境。2025年末，M2余额为340.29万亿元，同比增长8.5%，增速比上月高0.5个百分点，比上年同期高1.2个百分点。

M2 growth accelerated, continuing to create a favorable monetary and financial environment for economic recovery and improvement. At the end of 2025, M2 stood at 340.29 trillion yuan, up 8.5% year on year, 0.5 percentage point higher than the previous month and 1.2 percentage points higher than the same period last year.

存款是M2的主要组成部分，下面我介绍一下金融机构存款的增长情况。2025年人民币各项存款新增26.4万亿元。从结构看，存款有以下特点：一是住户存款保持稳定增长，全年增加14.6万亿元，同比多增3812亿元。二是非金融企业存款增长较快，全年增加2.3万亿元，同比多增2.6万亿元，其中活期存款同比多增5.3万亿元。三是非银行业金融机构存款增加较多，全年增加6.4万亿元，同比多增3.8万亿元。

Deposits are a major component of M2. Therefore, let me provide an overview of deposit growth at financial institutions. In 2025, yuan deposits increased by 26.4 trillion yuan. Structurally, deposits exhibited the following characteristics: First, household deposits maintained steady growth, increasing 14.6 trillion yuan throughout the year, up 381.2 billion yuan year on year. Second, non-financial corporate deposits grew rapidly, increasing 2.3 trillion yuan for the year, 2.6 trillion yuan more than the previous year. Of this, demand deposits rose 5.3 trillion yuan year on year. Third, non-bank financial institution deposits increased significantly, rising 6.4 trillion yuan for the year, 3.8 trillion yuan more than the previous year.

此外，资管产品也对存款结构带来一定影响。2025年末资管产品总资产达到119.9万亿元，同比增长13.1%。其中，银行理财34.5万亿元，公募基金40.8万亿元，资产管理信托22.8万亿元，保险、券商、基金、期货、金融资产投资公司资管产品合计21.6万亿元。一方面，2025年资管产品募集自住户和非金融企业的资金分别增加4万亿元和1万亿元，比2024年全年分别多增3379亿元和2000亿元。另一方面，2025年资管产品底层资产中，存款和存单新增4.6万亿元，占资管各类新增底层资产的5成，也推动了非银行金融机构存款的增加。

Additionally, asset management products also had a certain impact on deposit composition. By the end of 2025, total assets of asset management products reached 119.9 trillion yuan, up 13.1% year on year. This included 34.5 trillion yuan in bank wealth management products, 40.8 trillion yuan in public funds, 22.8 trillion yuan in asset management trusts, and 21.6 trillion yuan in asset management products from insurance companies, securities firms, funds, futures companies, and financial asset investment companies combined. On the one hand, in 2025, funds raised by asset management products from households and non-financial enterprises increased by 4 trillion yuan and 1 trillion yuan, respectively, up 337.9 billion yuan and 200 billion yuan from 2024. On the other hand, among the underlying assets of asset management products in 2025, deposits and certificates of deposit increased by 4.6 trillion yuan, accounting for 50% of total new underlying assets. This also contributed to the increase in deposits of non-bank financial institutions.

下一步，人民银行将按照中央经济工作会议部署，继续实施适度宽松的货币政策，保持社会融资规模、货币供应量增长同经济增长和价格总水平预期目标相匹配，为实现“十五五”良好开局提供有力的金融支撑。

Next, in accordance with the arrangements of the Central Economic Work Conference, the PBC will continue to implement a moderately loose monetary policy, keeping growth in AFRE and M2 in line with projected economic growth and CPI levels, providing strong financial support for a solid start to the 15th Five-Year Plan period.

我就介绍这么多，谢谢大家！

That's all I have to say. Thank you!

周建设:

Zhou Jianshe:

今天的发布会就到这里，谢谢各位发布人，谢谢各位记者朋友，大家再见！

That concludes today's press conference. Thank you to all our speakers and to all our journalist friends. Goodbye!