对地产和物价的关注度提升——2025年二季度货币政策委员会例会解读

Core Viewpoint - The People's Bank of China (PBOC) has expressed a positive outlook on the economy, highlighting a recovery in social confidence, while also acknowledging challenges such as insufficient domestic demand and persistently low prices [4][9]. Economic Situation Analysis - The PBOC has rated the economic performance in the first half of the year highly, stating that the economy is showing a positive trend and social confidence is being restored [4][9]. - The central bank has noted the ongoing issue of insufficient domestic demand and has added concerns regarding low price levels, indicating a shift in focus towards price control strategies [4][9]. - The monetary policy approach will be flexible, adjusting the intensity and pace of policy implementation based on economic conditions [4][9]. Currency and Bond Market - The PBOC has indicated that the current exchange rate is within a reasonable range, with the RMB appreciating from 7.30 to 7.17 against the USD from the end of 2025 to June 27, 2025 [5][10]. - The central bank continues to monitor the bond market closely, emphasizing the need to prevent capital turnover and maintain low funding rates [5][10]. Real Estate Market - The PBOC aims to stabilize the real estate market, responding to a decline in sales during the second quarter, which has prompted increased attention to this sector [5][10]. - The previous assessment of the real estate market as stabilizing has been adjusted due to fluctuations in sales data [5][10]. Financing Support for Key Areas - The PBOC has committed to enhancing support for technological innovation and consumer spending, indicating that new policy financial tools may be introduced soon [6][11]. - The central bank has reiterated its commitment to maintaining stability in the capital markets, which have shown positive performance in the second quarter [7][11].