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结构性政策做“加法” 降融资成本效果显现
Xin Hua Wang·2025-08-12 06:27

Core Viewpoint - The People's Bank of China emphasizes a prudent monetary policy that avoids excessive liquidity while maintaining overall price stability and supporting the real economy through targeted measures [1][2]. Group 1: Monetary Policy Implementation - The report highlights the importance of structural monetary policy tools to support key sectors and vulnerable groups, particularly small and micro enterprises affected by the pandemic [2]. - A significant increase in special re-lending quotas is proposed, including 200 billion yuan for technological innovation, 40 billion yuan for inclusive elderly care, and an additional 100 billion yuan for clean and efficient coal utilization [2]. - The central bank plans to introduce 100 billion yuan in re-lending to support logistics and warehousing enterprises [2]. Group 2: Interest Rate and Lending - The report indicates a downward trend in actual loan interest rates, with the average deposit rate falling to 2.37% in the last week of April, a decrease of 10 basis points from the previous week [5]. - The establishment of a market-oriented deposit rate adjustment mechanism is expected to further lower the Loan Prime Rate (LPR) in May [5]. - There is an expectation for commercial banks to reduce the LPR for loans with a term of five years or more, alleviating the cost pressure on homebuyers [6]. Group 3: Currency Stability - The report stresses the need to maintain the stability of the RMB exchange rate through a managed floating exchange rate system and macro-prudential management of cross-border capital flows [7]. - Recent measures include a reduction in the foreign exchange reserve requirement ratio by 1 percentage point, aimed at improving liquidity and stabilizing the RMB exchange rate [7]. - Analysts suggest that the pressure for rapid depreciation of the RMB has been alleviated, providing a foundation for maintaining stability in the future [8].