结构性货币政策工具将持续发力

Core Viewpoint - The article discusses the ongoing efforts of China's macroeconomic policies to support economic stability and growth amid complex external challenges, emphasizing the role of structural monetary policy tools in targeting specific sectors and weaknesses in the economy [1][2]. Group 1: Structural Monetary Policy Tools - Structural monetary policy tools are highlighted as essential for providing precise support to specific economic sectors and weak links, with a focus on technology innovation and consumption [1][2]. - The People's Bank of China (PBOC) plans to create new loans for consumption and elderly care, increase the quotas for technology innovation and agricultural loans by 300 billion yuan each, and reduce interest rates on various structural monetary policy tools by 0.25 percentage points [1][2]. - By May 2025, loans for technology innovation and technological transformation are expected to reach 1.7 trillion yuan, which is 1.9 times the amount at the end of 2024, indicating the effectiveness of these tools [2]. Group 2: Financing Costs and Economic Support - The average interest rate for new corporate loans from January to June was approximately 3.3%, down about 45 basis points from the previous year, while personal housing loan rates were around 3.1%, down about 60 basis points [2][3]. - The PBOC aims to enhance the effectiveness of monetary policy by improving the transmission of monetary policy and reducing overall financing costs, particularly focusing on non-interest costs such as collateral and intermediary service fees [3][4]. Group 3: Liquidity Management - The PBOC has lowered the reserve requirement ratio by 0.5 percentage points, injecting approximately 1 trillion yuan in long-term liquidity, and has maintained a stable liquidity supply through various monetary policy tools [4][5]. - The expectation is that the PBOC will continue to implement a moderately loose monetary policy in the second half of the year, utilizing reverse repos and other tools to ensure ample liquidity for government bond issuance and credit support [4][5].