2025年二季度货币政策执行报告点评：专注“四稳”，备战“十四五”收官

Monetary Policy Actions - In Q2 2025, the central bank lowered the re-lending rate by 0.25 percentage points and increased the re-lending quota for agriculture and small enterprises by CNY 300 billion each[2] - The central bank also reduced the policy interest rate by 0.1 percentage points and the reserve requirement ratio by 0.5 percentage points for most financial institutions[2] - The one-year Loan Prime Rate (LPR) was set at 3.0%, and the five-year LPR at 3.5%, both down by 10 basis points[2] Economic Outlook - The report indicates a cautious stance on the external economic environment, highlighting weakened global growth and increased trade barriers[2] - Domestic economic conditions are described as stable, with strengths in market size, industrial systems, and talent resources, emphasizing the need for strategic focus[2] - The policy goals include maintaining stability in employment, enterprises, markets, and expectations, aligning with the "14th Five-Year Plan" objectives[2] Future Policy Directions - The emphasis on "implementing and refining" the moderately loose monetary policy suggests a shift towards more precise and effective policy measures[3] - Structural monetary policy tools are expected to be enhanced to support technology innovation, consumption, and small enterprises[2] - The report anticipates that the monetary policy will remain moderately loose in the second half of 2025, influenced by domestic fiscal policies and the stability of financial institutions[2] Risk Factors - Potential risks include a resurgence of overseas inflation, rapid economic downturns in Europe and the U.S., and increasing complexity in international relations[2]