2024年第二季度中国货币政策执行报告

Economic Overview - 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 stock increased by 8.1% year-on-year, reaching 395.1 trillion yuan by the end of June 2024[2] Monetary Policy Actions - The People's Bank of China (PBOC) implemented a 0.5 percentage point reserve requirement ratio cut in February, releasing over 1 trillion yuan in long-term liquidity[9] - By the end of June, the balance of RMB loans was 250.9 trillion yuan, with a year-on-year growth of 8.8%[12] Credit and Financing - New loans in the first half of 2024 totaled 13.3 trillion yuan, with the weighted average interest rate for new corporate loans at 3.63%, down 0.32 percentage points year-on-year[2][15] - The balance of inclusive small and micro loans grew by 16.5% year-on-year, outpacing the overall loan growth rate[12] Currency and Exchange Rate - The M2 money supply reached 305.0 trillion yuan, growing by 6.2% year-on-year, while M1 decreased by 5.0%[22] - The CFETS RMB exchange rate index rose by 2.7% compared to the end of the previous year, indicating a stable RMB against a basket of currencies[2][27] Risk Management - The PBOC emphasized the importance of financial risk monitoring and management, particularly in key areas such as real estate and local government debt[1][3]