重要数据公布，央行发声

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy to support economic growth and stabilize market expectations, while closely monitoring the effectiveness of previously implemented policies [1][2]. Data Overview - In the first half of 2025, RMB loans increased by 12.92 trillion yuan - As of the end of June, the broad money supply (M2) stood at 330.29 trillion yuan, reflecting a year-on-year growth of 8.3% - The cumulative increase in social financing scale for the first half of 2025 was 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year - The social financing scale stock as of the end of June was 430.22 trillion yuan, with a year-on-year growth of 8.9% [2]. Policy Implementation - The PBOC aims to enhance the effectiveness of monetary and credit policies, responding to external shocks and promoting economic recovery - The focus will be on maintaining ample liquidity, ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations - The PBOC will emphasize financial services for the real economy, particularly in areas such as technological innovation, consumption expansion, and support for small and micro enterprises [2][3]. Structural Focus - The PBOC will utilize various structural monetary policy tools to support key sectors and address weaknesses in the economy - There will be a focus on policy coordination to enhance the effectiveness of financial services directed at the real economy [2][3]. Transmission Mechanism - The PBOC will strengthen the execution and supervision of interest rate policies to improve market competition and fund utilization efficiency - Efforts will be made to balance financial support for the real economy with the health of the financial system [3]. Monetary Policy Framework - The PBOC plans to improve the market-based interest rate adjustment mechanism and optimize the monetary policy tool system - A credible and institutionalized policy communication mechanism will be established to better serve high-quality development [3].