Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing monetary policy measures to support economic growth, enhance financial services, and manage financial risks effectively in the second half of 2025 [1][2]. Group 1: Monetary Policy - The PBOC will continue to implement a moderately loose monetary policy, utilizing various tools to maintain ample liquidity and guide financial institutions to ensure reasonable credit growth [2][3]. - The aim is to align the growth of social financing and money supply with economic growth and price level expectations [2]. Group 2: Support for the Real Economy - The PBOC emphasizes enhancing financial services for the real economy, particularly focusing on technology innovation and financing for small and medium-sized enterprises [3]. - There will be increased support for key sectors to resolve structural contradictions and promote industrial upgrades [3]. Group 3: Financial Risk Management - The PBOC is focused on preventing and mitigating financial risks in key areas, including supporting local government financing platform debt management [3][4]. - Enhanced risk monitoring and macro-prudential management will be prioritized [3]. Group 4: Internationalization of the Renminbi - The PBOC aims to promote the international use of the Renminbi, enhancing its financing capabilities and optimizing cross-border capital management [3][4]. - Development of the offshore Renminbi market and support for clearing institutions will be accelerated [4]. Group 5: Financial Market Reform and Opening - The PBOC plans to advance reforms in the bond market and expand the issuance of technology innovation bonds [3][4]. - Revisions to financial market regulations and the facilitation of cross-border investment will be pursued [4]. Group 6: International Financial Cooperation - The PBOC will deepen bilateral and multilateral international monetary cooperation and participate actively in global financial governance [4]. - Efforts will be made to reform the International Monetary Fund's quota system and improve governance structures of international financial organizations [4]. Group 7: Financial Management and Service Improvement - The PBOC will enhance financial management and service levels through legislative initiatives and the establishment of a secure cross-border payment system [4]. - The focus will also be on the construction and promotion of digital currency infrastructure [4].
央行:继续实施好适度宽松的货币政策 突出服务实体经济重点方向
Zheng Quan Ri Bao·2025-08-03 23:57