Monetary Policy - The People's Bank of China (PBOC) is implementing a moderately accommodative monetary policy in response to a complex external environment and weakening global growth [2][3] - A package of 10 monetary policy measures was announced in May, focusing on maintaining liquidity, adjusting interest rates, and supporting key sectors such as consumption and technology innovation [2][3] Credit Structure - The credit structure has shown continuous optimization, with a total loan balance of RMB 268.56 trillion as of June, reflecting a year-on-year growth of 7.1% [4] - New loans are primarily directed towards manufacturing and infrastructure, with manufacturing medium- and long-term loans increasing by 8.7% and infrastructure loans by 7.4% [4] Financial Support Initiatives - The PBOC has established a RMB 500 billion re-lending facility to support consumption and elderly care, aiming to enhance the quality of supply in service sectors [5] - The financial "Five Major Articles" initiative has seen a loan balance of RMB 103.3 trillion, growing by 14% year-on-year, with significant increases in green, inclusive, and digital loans [4][5] Exchange Rate Policy - The PBOC maintains a clear stance on exchange rate policy, emphasizing that it does not seek competitive advantage through currency depreciation [8][9] - As of June, the foreign exchange reserves stood at USD 3.32 trillion, with the RMB/USD exchange rate at 7.1586, reflecting a stable currency environment [9]
探索内生动力 解码经济活力｜上半年“成绩单”来了：信贷结构持续优化，金融市场韧性增强
Sou Hu Cai Jing·2025-07-14 10:05