央行定调下半年货币政策！

Group 1 - The People's Bank of China emphasizes the implementation of a moderately loose monetary policy to support technological innovation, boost consumption, assist small and micro enterprises, and stabilize foreign trade, aiming for high-quality economic development in the second half of 2025 [1] - The meeting aligns with the Central Political Bureau's recent decisions, indicating a continued focus on maintaining liquidity and guiding financial institutions to ensure reasonable credit growth, matching social financing scale and money supply growth with economic growth and price level expectations [1] - The macroeconomic adjustments in the first half of 2025 included increased monetary policy flexibility to respond to potential tariff impacts and stimulate domestic demand, with a focus on enhancing the effectiveness and foresight of policy implementation [1] Group 2 - Industry experts predict stable growth in financial volume in the second half of the year, supported by a rich toolbox of liquidity management tools from the central bank, which will allow for more efficient and precise liquidity management [2] - Structural monetary policy tools are expected to play a crucial role, with significant emphasis placed on these tools in the central bank's recent policy announcements, aiming to address structural issues and enhance overall effectiveness [2] - The first half of 2025 saw a characteristic of "total growth and structural optimization" in credit, with a need for effective execution of monetary policy measures to improve transmission and implementation effects [3]