【宏观周报】央行出台货币政策组合拳，政治局会议传达经济工作精神

Economic Overview - The Politburo meeting on August 26 emphasized the need to strengthen confidence and improve policy measures to address economic challenges[1] - In August, the industrial added value increased by 4.5% year-on-year, while the service production index rose by 4.6%[1] - The total retail sales of consumer goods reached 38,786 billion yuan, showing a year-on-year growth of 2.1%[1] Monetary Policy - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, injecting approximately 1 trillion yuan into the market[3] - The central bank also lowered the loan market quotation rate and deposit rates, aiming to stabilize the net interest margin of commercial banks[3] Inflation and Prices - In August, the Consumer Price Index (CPI) rose by 0.2% year-on-year, while the core CPI decreased to 0.3%[2] - The Producer Price Index (PPI) showed a decline of 1.0% year-on-year, indicating ongoing deflationary pressures in the economy[2] Employment and Unemployment - The urban survey unemployment rate averaged 5.2% in the first eight months, down by 1.1 percentage points from the previous year[1] - The unemployment rate for the 16-24 age group remains a concern, reflecting challenges in youth employment[1] Trade and Investment - The total import and export value in August was 37,520 billion yuan, with a year-on-year increase of 1.8%[1] - Fixed asset investment (excluding rural households) reached 29,365 billion yuan, growing by 3.4% year-on-year[1]