2025年二季度货币政策委员会例会解读：对地产和物价的关注度提升

Economic Analysis - The central bank acknowledges a positive economic trend with improved social confidence, but still faces challenges such as insufficient domestic demand and persistently low prices[1] - The central bank's assessment of the economy has shifted from "overall stable" to a more optimistic view, highlighting the recovery of social confidence[1] Monetary Policy - The monetary policy will be dynamically adjusted based on economic conditions, with a focus on flexibility in implementation[1] - The central bank emphasizes the need for a shift in price control strategies, moving from high price management to low price management, and from supporting scale expansion to promoting high-quality development[1] Currency and Exchange Rate - The RMB appreciated from 7.30 to 7.17 against the USD from the end of 2025 to June 27, 2025, indicating a more stable exchange rate environment[2] - The central bank's stance on the exchange rate has shifted from a strong management approach to a focus on preventing excessive fluctuations[2] Real Estate Market - The meeting highlighted the need to stabilize the real estate market, particularly in response to declining sales in the second quarter[2] - Despite previous measures like interest rate cuts, real estate sales have not rebounded to first-quarter levels, prompting increased attention from the central bank[2] Financial Support and Innovation - The central bank plans to enhance support for technology innovation and consumer spending through new structural monetary policy tools[3] - Existing policies, such as the 500 billion yuan service consumption and pension re-loan, are expected to be further developed to stimulate economic growth[3]