中国央行：落实落细适度宽松的货币政策

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately accommodative monetary policy to support economic growth and maintain price stability, while addressing the challenges posed by a complex external environment [1][3][6]. Group 1: Monetary Policy Implementation - The PBOC aims to ensure sufficient liquidity in the market, aligning the growth of social financing and money supply with economic growth and price level expectations [1][7]. - The report highlights the importance of promoting a reasonable recovery in prices as a key consideration for monetary policy [1][7]. - The PBOC plans to enhance the interest rate adjustment framework and strengthen the guidance of policy interest rates to lower the cost of bank liabilities and reduce overall financing costs [1][4][7]. Group 2: Economic Indicators - In the first half of the year, China's GDP grew by 5.3% year-on-year, indicating strong economic vitality and resilience [3]. - By the end of June, the social financing scale and broad money supply (M2) increased by 8.9% and 8.3% year-on-year, respectively, with the RMB loan balance reaching 268.6 trillion yuan [5]. Group 3: Financial Stability and Risk Management - The PBOC is focused on maintaining the stability of the RMB exchange rate and preventing systemic financial risks, while enhancing the monitoring and assessment of financial risks [4][6][7]. - The report outlines measures to support key areas such as technological innovation, consumption, and small and micro enterprises through targeted monetary policy tools [4][7].