央行报告：把促进物价合理回升作为把握货币政策的重要考量

Core Viewpoint - The People's Bank of China emphasizes the importance of promoting a reasonable recovery in prices as a key consideration for monetary policy, aiming to maintain prices at a reasonable level [1][6]. Summary by Sections Economic Performance - Under the leadership of the Central Committee, macroeconomic policies have been actively implemented, resulting in a stable economic operation with major indicators showing strong vitality and resilience. The GDP grew by 5.3% year-on-year in the first half of the year [2]. Monetary Policy Measures - The central bank has adopted a moderately loose monetary policy, utilizing various tools to support high-quality economic development. This includes a 0.5 percentage point reduction in the reserve requirement ratio in May, providing approximately 1 trillion yuan in long-term liquidity [3]. - The policy interest rates were lowered by 0.1 percentage points, and structural monetary policy tool rates were reduced by 0.25 percentage points in May, aiming to decrease overall financing costs [3]. Financial Stability and Risk Management - The monetary policy has shown effective counter-cyclical adjustments, with the social financing scale and broad money supply (M2) growing by 8.9% and 8.3% year-on-year, respectively, by the end of June. The balance of RMB loans reached 268.6 trillion yuan [4]. - The central bank aims to maintain the stability of the RMB exchange rate and has implemented measures to prevent systemic financial risks [5][7]. Future Outlook - The central bank plans to continue implementing a moderately loose monetary policy, ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations. It will also enhance the interest rate adjustment framework and support key areas such as technology innovation and consumption [6].