邹澜：货币政策的传导需要时间，已实施的货币政策效果还会进一步显现

Core Viewpoint - The People's Bank of China (PBOC) is implementing a moderately accommodative monetary policy to support the economy amid a complex external environment and declining global growth momentum [1][2]. Monetary Policy Implementation - The PBOC has intensified counter-cyclical adjustments and introduced a package of financial support measures in May to ensure ample liquidity and promote reasonable growth in monetary credit [1][2]. - A market-oriented interest rate adjustment framework is being established to lower the overall financing costs in society [1][2]. Financial Data Overview - As of June, the total social financing stock grew by 8.9% year-on-year, with M2 money supply increasing by 8.3% and RMB loans rising by 7.1% [2]. - The average interest rate for newly issued corporate loans was approximately 3.3%, down about 45 basis points from the previous year, while the rate for personal housing loans was around 3.1%, down about 60 basis points [2]. Credit Structure Optimization - By the end of May, inclusive small and micro loans increased by 11.6%, medium to long-term loans for manufacturing rose by 8.8%, and technology loans grew by 12%, all exceeding the overall loan growth rate [2]. Financial Market Resilience - Major financial markets, including stocks, bonds, and foreign exchange, have maintained stable operations despite significant changes in the external environment and global financial markets [2]. Future Policy Direction - The PBOC will continue to implement a moderately accommodative monetary policy, closely monitoring the transmission and actual effects of previously implemented policies to better support domestic demand and stabilize market expectations [3].