The central bank released the fourth-quarter monetary policy implementation report for 2025, continuing to implement a moderately accommodative monetary policy.

The People's Bank of China released the China Monetary Policy Execution Report for the fourth quarter of 2025. The report indicates that the effects of China's moderately accommodative monetary policy in 2025 have gradually become apparent. In the next phase, the moderately accommodative monetary policy will continue to be implemented to maintain ample liquidity and relatively loose social financing conditions.

China's credit structure continued to optimize in 2025, with year-end loans for technology, green initiatives, inclusive finance, elderly care industries, and digital economy industries all maintaining double-digit growth. The RMB exchange rate remained largely stable amid complex conditions, with the year-end closing rate of RMB against the US dollar at 6.9890 yuan, appreciating by 4.4% compared to the end of 2024.

In the next phase, the People's Bank of China will fully leverage the guiding role of monetary and credit policies, implement policies such as entrepreneurial guaranteed loans and national student loans to support entrepreneurship, employment, and education for key groups. It will promote the implementation of various financial support policies for service consumption, execute one-time credit repair policies, and guide more financial resources to boost and expand service consumption. The pilot program for comprehensive disclosure of corporate loan financing costs will be further deepened to keep overall social financing costs at low levels.