关于货币政策、中小行激进债券投资、汇率、结构型工具，央行重磅回应

Monetary Policy - The central bank will maintain a "moderately loose" monetary policy in the second half of the year, focusing on effective implementation of existing measures to enhance financial services for the real economy [2][3] - The central bank aims to balance the implementation of policies with the economic growth and price level expectations, ensuring sufficient liquidity in the market [2][3] - Structural monetary policy tools will emphasize support for key areas such as technological innovation and consumption, while enhancing policy coordination [2][3] Bond Investment by Small and Medium Banks - The central bank acknowledges that small and medium banks' aggressive bond investment strategies can be reasonable within regulatory limits, as they help stabilize the market [3] - However, it emphasizes the need for these banks to maintain a balance between investment returns and risk exposure, particularly regarding interest and credit risks [3] - The central bank will enhance market monitoring and share information on high-risk institutions with regulatory bodies to prevent financial market risks [3] Currency Exchange Rate Policy - The central bank asserts that China does not seek to gain international competitive advantages through currency devaluation, maintaining a clear and consistent stance on exchange rate policy [6] - The central bank aims to keep the RMB exchange rate stable and flexible, while managing expectations to prevent excessive fluctuations [6] - Current economic fundamentals support a stable RMB, with a projected current account surplus of 2.2% of GDP in 2024, indicating a balanced international payment situation [5][6] Structural Monetary Policy Tools - The central bank has introduced various structural monetary policy tools to support economic transformation, including a 500 billion yuan facility for service consumption and elderly care [7] - As of the end of May, contracts for technological innovation and transformation loans reached 1.74 trillion yuan, indicating strong demand for these financial products [8] - The central bank plans to continue focusing on key areas while ensuring the dual functionality of monetary policy tools to promote economic restructuring and upgrading [8]