Spokesperson and Deputy Governor of the People's Bank of China (PBOC) Zou Lan: By 2025, the Renminbi will be kept relatively stable against a basket of currencies.

In 2025, the People's Bank of China implemented a moderately loose monetary policy. In a relatively loose monetary and financial environment, on the basis of the continuing effectiveness of stock policies, a package of financial support measures was announced in May to consolidate the positive momentum of economic recovery. From the perspective of the annual financial data, the effectiveness of monetary and financial policies in supporting the real economy is evident. First, the total amount of finance grew rapidly. The People's Bank of China used a variety of monetary policy tools comprehensively to maintain liquidity, guiding financial institutions to fully meet the effective financing needs of the real economy. By the end of December 2025, the stock of social financing increased by 8.3% year-on-year, M2 money supply increased by 8.5% year-on-year, significantly higher than the nominal GDP growth rate; RMB loans amounted to 27.2 trillion yuan, an increase of 6.4% year-on-year, with a growth rate of around 7% after excluding the impact of localized debt, and credit support remained relatively strong. Second, the comprehensive social financing cost continued to decrease. Since the second half of 2018, the People's Bank of China has lowered policy interest rates 10 times, strengthened the execution and supervision of interest rate policies, better utilized existing policies, and promoted a steady decline in the comprehensive social financing costs. In December 2025, the weighted average interest rate for new corporate loans and new personal mortgage loans was around 3.1%, a decrease of 2.5 and 2.6 percentage points respectively since the second half of 2018. Third, the financial structure continued to optimize. Adhering to the principles of focusing on key areas, being reasonably moderate, and making progress while retreating, the policy tools were continuously optimized and managed to support key areas such as technology innovation and boosting consumption to achieve comprehensive coverage in all areas of the "five major financial fields". Loans to key areas such as technology, green industries, inclusive finance, elderly care, and digital economy industries all maintained double-digit growth, significantly higher than the overall loan growth rate, leading to a continuous improvement in the credit structure. Additionally, deepening financial market development and promoting the growth of direct financing, in the increment of social financing in 2025, the proportion of financing other than loans such as bonds exceeded 50%, demonstrating significant progress in financial supply-side structural reforms. Fourth, the financial markets operated stably. Comprehensive measures were taken to maintain stability in the foreign exchange market, manage expectations, and ensure basic equilibrium in the supply and demand of the foreign exchange market. In 2025, the Chinese yuan remained basically stable against a basket of currencies and appreciated by 4.4% against the US dollar. The bond market developed steadily and healthily, with the yield on 10-year treasury bonds stabilizing near 1.8%-1.9%. Confidence in the capital markets was effectively boosted, leading to active trading.