【财经分析】“适度宽松”已实施逾半年 货币政策支持经济成效明显

Core Viewpoint - The implementation of "moderate easing" monetary policy in China has shown significant effectiveness in supporting the real economy over the past six months, particularly following a comprehensive set of financial measures introduced in May [1][2]. Monetary Policy Measures - In May, a 0.5 percentage point reduction in the reserve requirement ratio (RRR) was implemented, providing approximately 1 trillion yuan in long-term liquidity to the market [2]. - The People's Bank of China (PBOC) conducted two rounds of reverse repos in June, totaling 1.4 trillion yuan, to maintain ample liquidity [2]. - By the end of June, the year-on-year growth rates for social financing scale, broad money supply (M2), and RMB loans were 8.9%, 8.3%, and 7.1% respectively, with nearly 13 trillion yuan in new RMB loans issued in the first half of the year [2]. Interest Rate Adjustments - The PBOC lowered the policy interest rate by 0.1 percentage points in May, which led to a decrease in the Loan Prime Rate (LPR) by 0.1 percentage points [2]. - The average interest rates for newly issued corporate loans and personal housing loans were approximately 3.3% and 3.1%, respectively, both lower than the previous year by about 45 and 60 basis points [2]. Structural Support - The PBOC has increased support for key sectors, including the establishment of re-loan facilities for service consumption and elderly care, and enhanced funding for technological innovation [3]. - By the end of May, loans in the areas of technology, green finance, inclusive finance, elderly care, and digital finance reached 103.3 trillion yuan, accounting for 38.2% of total loans, with a year-on-year growth rate of 14.0% [3]. Future Outlook - Experts anticipate that there is still room for further RRR and interest rate cuts in the second half of the year to alleviate the debt burden on the real economy and promote stable growth [6][7]. - The PBOC is expected to enhance liquidity through various tools, including reverse repos and MLF funding, while also potentially restarting government bond purchases to stabilize market expectations [7][8]. - Structural monetary policy tools may be enriched, with a focus on directing financial resources towards technological innovation and new industrialization [8].