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宽松继续,落实落细 ——2025年二季度货币政策报告解读
Sou Hu Cai Jing·2025-08-17 05:51

Group 1 - The central bank has adopted a more positive tone regarding the domestic economic situation, indicating that positive factors for prices are increasing, while external environmental fluctuations remain [1][3] - The macroeconomic policy is described as "more proactive and effective," leading to stable economic operation with good performance in major economic indicators, supported by regulatory measures against low-price disorderly competition [1][3] - The external environment continues to show volatility, with weakened global economic growth momentum and increased trade barriers, necessitating a focus on domestic strategic tasks for modernization [1][3] Group 2 - The policy framework emphasizes continuity and predictability, focusing on "stability in employment, enterprises, markets, and expectations," which enhances support for the capital market [2][4] - The monetary policy remains accommodative, providing protection for the real economy and capital markets, with a focus on guiding social expectations amid uncertainties [2][5] - The emphasis is on implementing existing policies in detail, optimizing the credit structure, and maintaining reasonable growth in financial totals rather than merely increasing credit scale [2][5] Group 3 - Interest rate policies stress execution and regulation, reflecting reforms in the interest rate system and transmission mechanisms, aimed at reducing social financing costs [3][7] - The report indicates a more relaxed stance on exchange rates, suggesting stability at a reasonable equilibrium level, with monetary policy execution being "self-directed" [3][7] Group 4 - The report outlines eight major tasks for the next phase of monetary policy, including enhancing macro credit policy guidance, developing green financial products, and supporting small and micro enterprises [8] - The focus is on promoting financial support for consumption, stabilizing the real estate market, and ensuring the effective implementation of various financial policies [8]