定调！央行，重磅会议！

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the continuation of a moderately accommodative monetary policy to support economic growth and financial stability, focusing on key areas such as technology innovation, consumption, small and micro enterprises, and foreign trade [1][4]. Group 1: Monetary Policy Implementation - The PBOC has implemented a moderately accommodative monetary policy since 2025, utilizing various monetary policy tools to maintain ample liquidity and lower financing costs [1][4]. - The central bank aims to enhance the execution of monetary policy measures, ensuring effective transmission and improving the implementation outcomes [4]. - The PBOC plans to continue using liquidity injection tools such as reverse repos and medium-term lending facilities (MLF) to create a conducive monetary environment [5]. Group 2: Support for Small and Micro Enterprises - As of June, loans to small and micro enterprises reached 35.6 trillion yuan, growing by 12.3% year-on-year, indicating a robust increase in financial support for these entities [2]. - The PBOC has successfully encouraged financial institutions to provide credit to small and micro enterprises, with a significant portion of loans being unsecured, addressing the challenges of collateral and financing difficulties [2]. - The weighted average interest rate for newly issued loans to small and micro enterprises was 3.48% in June, reflecting a decline of 12 basis points from March and 66 basis points from the previous year [2]. Group 3: Financial Sector Reforms and Risk Management - The PBOC is focused on deepening financial reforms and high-level opening-up while preventing and mitigating financial risks in key areas [1][4]. - The central bank is enhancing supervision and risk prevention in electronic invoicing for accounts receivable, aiming to address structural contradictions in key industries [6]. - The PBOC is also addressing "involution" in the financial sector, with major banks expected to follow suit in promoting healthy competition [6]. Group 4: Internationalization of the Renminbi - The PBOC is accelerating the use of the renminbi in trade settlements, enhancing its role as a financing currency and optimizing policies for domestic enterprises listed abroad [6]. - The internationalization of the renminbi is seen as a historical opportunity, with suggestions to encourage exporters to settle trade in renminbi through favorable policies [6]. - Amidst a weakening dollar credit and increased volatility in international financial markets, renminbi assets are becoming an important option for global investors seeking to diversify and enhance returns [6].