重要报告发布！货币政策，新信号

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately accommodative monetary policy to support economic growth and stabilize market expectations [1][4]. Monetary Policy - The report outlines the need to maintain ample liquidity, aligning the growth of social financing and money supply with economic growth and price level expectations [4]. - It highlights the importance of promoting a reasonable rebound in prices as a key consideration for monetary policy [4]. - The PBOC aims to enhance the transmission mechanism of monetary policy, improve the interest rate adjustment framework, and lower the cost of bank liabilities to reduce overall financing costs [4][6]. Interest Rates - The report indicates that the average interest rate for corporate loans was approximately 3.3% in March, a year-on-year decrease of about 0.5 percentage points, remaining at historical lows [6]. - The PBOC has adjusted the Medium-term Lending Facility (MLF) auction model to further diminish its policy interest rate characteristics [6]. Exchange Rates - The report stresses the need to maintain the market's decisive role in exchange rate formation, enhance the resilience of the foreign exchange market, and stabilize market expectations [4]. Consumption Support - The PBOC plans to implement a package of financial policies to boost consumption, including optimizing consumer credit products and enhancing the funding capacity of consumer finance institutions [12]. - The report acknowledges the shift towards a domestic demand-driven growth model, emphasizing the critical role of consumption in driving economic growth [12]. Bond Market - The report discusses the rapid development of the bond market and its significant support for the real economy, while also addressing the risks associated with bond market yield fluctuations [10]. - It suggests encouraging large banks to engage more in bond trading to help maintain market supply-demand balance and promote reasonable pricing in the bond market [10]. Price Stability - The report indicates that promoting a reasonable rebound in prices requires balancing economic supply and demand, with a focus on expanding effective demand [13]. - It calls for structural reforms and coordinated policies across various sectors to enhance policy synergy and support price stability [13].