央行：把促进物价合理回升作为把握货币政策的重要考量，推动物价保持在合理水平

Core Viewpoint - The People's Bank of China (PBOC) is implementing a moderately loose monetary policy to support high-quality economic development and maintain stability in the financial environment [2][5]. Monetary Policy Implementation - The PBOC has adopted various monetary policy tools to ensure reasonable growth in money and credit, including a 0.5 percentage point reduction in the reserve requirement ratio in May, providing approximately 1 trillion yuan in long-term liquidity [2][4]. - The central bank has lowered policy interest rates by 0.1 percentage points and structural monetary policy tool rates by 0.25 percentage points in May, which has contributed to a decrease in both personal housing fund loan rates and overall financing costs [2][3]. Credit Structure Optimization - The establishment of a 500 billion yuan re-loan for service consumption and elderly care, along with an increase of 300 billion yuan in re-loan quotas for technological innovation, aims to support key domestic demand sectors [3][7]. - The PBOC is focusing on optimizing the credit structure to enhance support for consumption and technological innovation [3][7]. Financial Stability and Risk Management - The PBOC is committed to risk prevention and resolution, enhancing the monitoring and early warning systems for financial risks, and ensuring stable growth in financial aggregates [4][6]. - As of June, the total social financing stock and broad money supply (M2) grew by 8.9% and 8.3% year-on-year, respectively, with the balance of RMB loans at 268.6 trillion yuan [4]. Future Directions - The PBOC plans to maintain a balance between short-term and long-term goals, ensuring the stability of the banking system while supporting the real economy [5][6]. - The central bank will continue to refine the interest rate adjustment framework and enhance the transmission mechanism of monetary policy to lower financing costs [6][7].