央行发布最新货政报告

Group 1 - The central bank maintains a supportive monetary policy stance, implementing moderately loose monetary policies and ensuring ample liquidity in the financial market [1][2] - As of March, the social financing scale and broad money supply (M2) grew by 8.4% and 7.0% year-on-year, respectively, with the RMB loan balance reaching 265.4 trillion yuan [1] - The cost of social financing is at a historical low, with new corporate loans and personal housing loan rates decreasing by approximately 50 and 60 basis points year-on-year, respectively [1] Group 2 - The report emphasizes the need to further support the real economy, aligning with the central political bureau's meeting spirit, indicating confidence in the continuation of moderately loose monetary policy [2] - There is a focus on boosting consumption, especially in the context of weakening external demand, with new initiatives aimed at stimulating service consumption and elderly care loans [2] - The report highlights the ability to effectively respond to external shocks, particularly in light of U.S. tariff policies impacting the global economic order, indicating a proactive macro policy response [2][3] Group 3 - The industry anticipates that moderately loose monetary policy will continue, with a coordinated approach between fiscal, monetary, and industrial policies enhancing the effectiveness of macroeconomic responses [3] - A comprehensive financial policy package was announced, including measures such as reserve requirement ratio cuts and interest rate reductions, aimed at stabilizing the market and expectations [3] - The timely implementation of these policies is expected to better support domestic demand expansion and facilitate reasonable economic operation [3]