央行：金融支持政策加力 提升消费信贷供给能力

Core Viewpoint - The People's Bank of China (PBOC) has implemented a series of financial support policies aimed at expanding service consumption supply and better meeting residents' service consumption needs [1] Group 1: Financial Support Policies - In May, the PBOC established a 500 billion yuan (approximately 70.5 billion USD) service consumption and elderly re-lending program to guide financial institutions in increasing credit investment in key service consumption areas such as accommodation, catering, cultural and entertainment, education, resident services, and tourism [1] - Financial institutions have reported nearly 60 billion yuan (approximately 8.4 billion USD) in service consumption and elderly re-lending applications, involving nearly 4,000 operating entities and over 5,700 loans [1] Group 2: Loan Growth and Consumption Focus - As of the end of July, the loan balance in key service consumption areas reached 2.79 trillion yuan (approximately 392 billion USD), representing a year-on-year growth of 5.3%, with an increase of 164.2 billion yuan (approximately 23 billion USD) since the beginning of the year [1] - The new loans in the first seven months of this year exceeded the total new loans for the entire previous year by 63 billion yuan (approximately 8.8 billion USD) [1] Group 3: Financial Instruments and Credit Supply - The PBOC is actively supporting eligible financial institutions in issuing financial bonds and credit asset-backed securities to broaden funding sources and enhance consumer credit supply capacity [1] - From January to July, automotive finance companies issued 21.5 billion yuan (approximately 3 billion USD) in financial bonds and 48.4 billion yuan (approximately 6.8 billion USD) in credit asset-backed securities [1]