央行二季度报告释放1万亿流动性，同比GDP增5.3%成稳增长信号

Group 1 - The People's Bank of China (PBOC) released the monetary policy execution report for Q2 2025, indicating a stable economic performance with a GDP growth of 5.3% year-on-year in the first half of the year [1] - The central bank maintains a moderately accommodative monetary policy stance, utilizing various tools to create a favorable monetary environment for sustained economic recovery [1] Group 2 - The report emphasizes the importance of promoting a reasonable rebound in prices as a key consideration for monetary policy, highlighting the focus on price trends [2] - In May, the PBOC lowered the reserve requirement ratio by 0.5 percentage points, injecting approximately 1 trillion yuan of long-term liquidity into the market, and also reduced policy interest rates [2] - The new corporate and personal housing loan rates decreased by approximately 45 and 60 basis points year-on-year, respectively, from January to June [2] Group 3 - The report provides a clearer stance on exchange rate policies, emphasizing a managed floating exchange rate system based on market supply and demand [3] - The RMB exchange rate remained stable, with the midpoint against the USD at the end of June being roughly the same as at the end of the previous year [3] - The PBOC aims to prevent excessive fluctuations in the exchange rate and maintain it at a reasonable and balanced level, demonstrating a strong commitment to exchange rate stability [3]