Central Bank: The cost of social financing is at a historically low level, and the overall operation of the financial market is stable.

The third quarter meeting of the Monetary Policy Committee of the People's Bank of China in 2025 was held on September 23. The meeting believed that since the beginning of this year, there has been increased intensity in macroeconomic regulation and a moderately loose monetary policy. Continuously exerting efforts, timely strengthening, and enhancing countercyclical adjustments, comprehensively utilizing various monetary policy tools to serve the high-quality development of the real economy, and creating a favorable monetary and financial environment for the economic recovery. The effectiveness of the reform of the loan market quoted interest rates continues to be released, the market-oriented adjustment mechanism of deposit interest rates plays an effective role, the transmission efficiency of monetary policy is enhanced, and the cost of social financing is at a historically low level. The supply and demand in the foreign exchange market are basically balanced, the current account surplus is stable, foreign exchange reserves are sufficient, the RMB exchange rate fluctuates bidirectionally, and remains basically stable at a reasonable equilibrium level. The overall operation of the financial market is stable.