【金融街发布】人民银行：落实落细适度宽松的货币政策 进一步完善利率调控框架

Core Viewpoint - The People's Bank of China (PBOC) has released the "2025 Q2 China Monetary Policy Implementation Report," indicating a 5.3% year-on-year GDP growth in the first half of the year, with a focus on maintaining a suitable monetary environment for high-quality economic development [1] Group 1: Monetary Policy Measures - The PBOC has implemented a moderately loose monetary policy, including a 0.5 percentage point reduction in the reserve requirement ratio in May, providing approximately 1 trillion yuan in long-term liquidity [2] - 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, aiming to reduce overall financing costs [2] - A total of 500 billion yuan has been allocated for consumption and elderly care re-loans, with an additional 300 billion yuan for technology innovation and transformation loans [2] Group 2: Financial Stability and Risk Management - As of June, the social financing scale and broad money supply (M2) grew by 8.9% and 8.3% year-on-year, respectively, with the RMB loan balance reaching 268.6 trillion yuan [3] - The PBOC emphasizes the importance of maintaining basic stability in the exchange rate and has implemented measures to prevent excessive fluctuations [4] - The central bank aims to enhance the financial risk monitoring and assessment system to mitigate risks in key areas [2][4] Group 3: Future Outlook and Strategic Goals - The PBOC plans to adhere to the principles of stability and progress, focusing on the new development philosophy and promoting high-quality financial development [4] - The central bank will balance short-term and long-term goals, ensuring macroeconomic stability while supporting the real economy [4][5] - The PBOC aims to maintain a reasonable level of inflation and ensure that monetary policy aligns with economic growth and price level expectations [5]