关于货币政策、汇率、中小银行债券投资，央行释放最新信号

Monetary Policy and Economic Support - The People's Bank of China (PBOC) reported that in the first half of 2025, new loans in RMB amounted to 12.92 trillion yuan, indicating strong credit support for the real economy [1] - Corporate loans accounted for 89.5% of all new loans, an increase of 6.6 percentage points compared to the same period last year, with major investments directed towards manufacturing and infrastructure [1] - The PBOC aims to maintain a moderately accommodative monetary policy, closely monitoring the transmission and effectiveness of previously implemented policies to better support domestic demand and stabilize market expectations [1][5] Financial Market Performance - As of June, the total social financing stock grew by 8.9% year-on-year, while the broad money supply (M2) increased by 8.3% and RMB loans rose by 7.1% [3] - 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%, a decrease of about 60 basis points [3] - The financial market has shown resilience, maintaining stability in major financial markets despite significant changes in the external environment [4] Future Monetary Policy Directions - The PBOC plans to enhance the execution and supervision of interest rate policies, ensuring that monetary policy measures effectively support the real economy [5][6] - The focus will be on improving financial services for key areas such as technological innovation, consumption expansion, and support for small and micro enterprises [5] - The PBOC will continue to strengthen market monitoring and risk management tools to prevent financial market risks, particularly concerning the bond investments of small and medium-sized banks [7] Exchange Rate Policy - The PBOC maintains a clear stance that China does not seek to gain international competitive advantages through currency depreciation, emphasizing the importance of market forces in exchange rate formation [2][8] - The recent appreciation of the RMB against the USD, alongside a stable overall exchange rate, reflects a solid domestic economic foundation [8] - Factors influencing the exchange rate include economic growth, monetary policy, and geopolitical risks, with the PBOC committed to maintaining a stable RMB at a reasonable equilibrium level [8][9] Support for Small and Micro Enterprises - The PBOC is focused on enhancing the financial support system for private and small enterprises, promoting reasonable growth in inclusive loans [12] - As of May, the balance of inclusive micro and small loans reached 34.42 trillion yuan, with a year-on-year growth of 11.6% [13] - The average interest rates for newly issued inclusive loans and private enterprise loans have decreased compared to the previous year, indicating improved financing conditions [13]