第二季度中国货币政策执行报告显示：货币政策逆周期调节效果明显

Core Viewpoint - The People's Bank of China (PBOC) has effectively implemented counter-cyclical monetary policy measures in 2023, resulting in stable financial growth and a favorable environment for high-quality economic development [1][2]. Group 1: Monetary Policy Implementation - The PBOC has maintained reasonable growth in monetary credit, with the social financing scale and broad money supply (M2) increasing by 8.9% and 8.3% year-on-year, respectively, as of June [1]. - New corporate loans and personal housing loan rates have decreased by approximately 45 basis points and 60 basis points year-on-year, respectively, indicating an optimization in credit structure [1]. - The RMB exchange rate has remained stable, with the mid-point exchange rate against the USD at the end of June being roughly the same as at the end of the previous year [1]. Group 2: Future Policy Directions - The PBOC aims to balance short-term and long-term goals, economic growth and risk prevention, and internal and external equilibria, enhancing the effectiveness and foresight of macroeconomic regulation [2]. - The report emphasizes the need for a moderately loose monetary policy, ensuring liquidity remains ample and aligning the growth of social financing and money supply with economic growth and price level expectations [2]. - The PBOC plans to improve the interest rate adjustment framework and enhance the transmission mechanism of market interest rates, aiming to lower bank funding costs and further reduce overall financing costs [3]. Group 3: Support for Key Sectors - The PBOC will continue to support key sectors such as technology innovation, consumption, small and micro enterprises, and stabilize foreign trade through structural monetary policy tools [3].