央行二季度货币政策执行报告点评：利率调控机制明显强化

Economic Outlook - The central bank's second-quarter monetary policy report indicates a more optimistic view compared to the first quarter, with improving market supply and demand relationships due to stable employment and income[1] - The proportion of residents inclined towards increased consumption rose by 1.8 percentage points compared to the first quarter, reflecting a recovery in domestic consumer sentiment[1] - The issuance of local government special bonds and ultra-long-term special treasury bonds is gradually translating into physical work output, supporting economic growth[1] Monetary Policy Adjustments - The central bank aims to align social financing scale and money supply with economic growth and price level expectations, emphasizing a stronger focus on growth stabilization[1] - The report highlights the need for enhanced management of market interest rate expectations, with stress tests on financial institutions' bond asset risk exposures being implemented[1] - The central bank is exploring effective ways to intervene in long-term interest rates, with the 10-year government bond yield nearing 2.2%, indicating a significant deviation from the reasonable central level[4] Risk Management - The report stresses the importance of preventing long-term capital idling, indicating a shift in focus from merely reducing idle funds to optimizing financial value-added accounting methods[3] - There are concerns about external pressures affecting the domestic economy, with high domestic and foreign interest rate differentials impacting the RMB exchange rate and cross-border capital flows[5] - The central bank's strategy includes balancing growth stabilization and risk prevention, particularly in light of potential liquidity tightening and economic downturn pressures[3]