央行货币政策委员会二季度例会传递出哪些信号

Group 1 - The People's Bank of China (PBOC) held its 109th monetary policy committee meeting, expressing a more positive outlook on the economy compared to the first quarter, highlighting improvements in social confidence and high-quality development, while acknowledging challenges such as insufficient domestic demand and low inflation [1] - The meeting emphasized the need for an appropriately accommodative monetary policy, focusing on counter-cyclical adjustments and better coordination between monetary and fiscal policies to maintain stable economic growth and reasonable price levels [1][2] - The PBOC reiterated its commitment to a supportive monetary policy stance, indicating that despite positive economic trends, external challenges and insufficient domestic demand necessitate a continued focus on accommodative measures [1][2] Group 2 - The meeting proposed a flexible approach to monetary policy implementation, adapting the intensity and pace of policy measures based on domestic and international economic conditions, as well as financial market dynamics [2] - The shift towards a domestic demand-driven growth model is highlighted, with consumption identified as a crucial engine for economic growth, supported by recent government initiatives to strengthen domestic circulation [2] - The PBOC established a 500 billion yuan service consumption and pension re-lending program to enhance financial support for key service sectors, aiming to meet the rising demand for consumption upgrades [3] Group 3 - A joint guideline was released by the PBOC and other departments to support and expand consumption, outlining six key measures to enhance consumer capacity, broaden financial supply, and optimize the consumption environment [3] - The guideline aims to create a multi-tiered financial service system to support consumption growth, coordinating various financial resources to meet diverse financing needs of businesses and consumers [3]