结构性货币政策工具将持续发力 聚焦重点领域和薄弱环节

Core Viewpoint - The article discusses the ongoing efforts of the People's Bank of China (PBOC) to implement structural monetary policy tools aimed at supporting specific economic sectors and addressing weaknesses in the economy amidst a complex external environment [2][3][4]. Group 1: Structural Monetary Policy Tools - Structural monetary policy tools are essential for providing targeted support to specific economic sectors and weak links [3]. - The PBOC plans to focus on supporting technological innovation and boosting consumption through these tools, with significant funding allocated for various initiatives [3][4]. - By May 2025, loans for technological innovation and transformation are expected to reach 1.7 trillion yuan, which is 1.9 times the amount at the end of 2024 [3]. 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 [5]. - The PBOC aims to lower overall financing costs to promote high-quality economic development, with a focus on improving the transmission of monetary policy [5][6]. - The PBOC has initiated pilot programs in several provinces to clarify the comprehensive financing costs for enterprises, with expectations for further expansion of these trials [6]. Group 3: Liquidity Management - The PBOC has reduced the reserve requirement ratio by 0.5 percentage points, injecting approximately 1 trillion yuan into the market to maintain ample liquidity [7]. - The central bank will continue to adopt a moderately loose monetary policy stance, utilizing various tools to ensure sufficient liquidity for government bond issuance and credit provision [7]. - Analysts predict that the PBOC will maintain a net injection of liquidity through medium-term lending facilities (MLF) to support the economy and counter external fluctuations [7].