2024年第二季度中国货币政策执行报告

Economic Performance - In the first half of 2024, China's GDP grew by 5.0% year-on-year, while the Consumer Price Index (CPI) increased by 0.1%[1] - The total social financing scale reached 395.1 trillion yuan, with a year-on-year growth of 8.1%[23] - The broad money supply (M2) was 305.0 trillion yuan, reflecting a year-on-year increase of 6.2%[22] Monetary Policy Measures - The People's Bank of China (PBOC) implemented a 0.5 percentage point reserve requirement ratio (RRR) cut in February, releasing over 1 trillion yuan in long-term liquidity[9] - The PBOC reduced the 7-day reverse repurchase rate by 10 basis points to 1.7% in July to enhance financial support for the real economy[30] - New loans in the first half of 2024 totaled 13.3 trillion yuan, with a year-on-year increase of 8.8% in the balance of RMB loans[11] Credit and Financing Structure - The balance of inclusive small and micro loans grew by 16.5% year-on-year, outpacing the overall loan growth rate[12] - The weighted average interest rate for new corporate loans was 3.63%, down 0.32 percentage points from the previous year[15] - The proportion of medium and long-term loans to enterprises reached 73.5% of total enterprise loans, with manufacturing loans increasing by 18.1% year-on-year[11] Currency Stability - The RMB exchange rate index rose by 2.7% compared to the end of the previous year, indicating relative stability against a basket of currencies[2] - The RMB nominal and real effective exchange rates appreciated by 44.3% and 36.2%, respectively, since the 2005 exchange rate reform[27]