央行：推动物价保持在合理水平

Core Viewpoint - The article emphasizes the importance of maintaining a reasonable recovery of prices as a key consideration in monetary policy, while highlighting the positive performance of major economic indicators and the implementation of proactive macroeconomic policies under the leadership of the central government [2][3][6]. Group 1: Economic Performance - In the first half of the year, China's GDP grew by 5.3% year-on-year, reflecting strong vitality and resilience in the economy [3]. - The social financing scale and broad money supply (M2) increased by 8.9% and 8.3% year-on-year, respectively, by the end of June [5]. Group 2: Monetary Policy Measures - The People's Bank of China (PBOC) has implemented a moderately loose monetary policy, including a 0.5 percentage point reduction in the reserve requirement ratio in May, providing approximately 1 trillion yuan in long-term liquidity [4]. - The PBOC has lowered policy interest rates by 0.1 percentage points and structural monetary policy tool rates by 0.25 percentage points in May, aiming to reduce overall financing costs [4]. Group 3: Financial Stability and Risk Management - The PBOC is focused on maintaining the stability of the RMB exchange rate and preventing systemic financial risks, with measures in place to monitor and assess financial risks [4][6][7]. - The article highlights the need for a balanced approach between supporting the real economy and maintaining the health of the banking system [7]. Group 4: Future Outlook - The PBOC plans to continue implementing appropriate monetary policies while adapting to domestic and international economic conditions, aiming to create a conducive financial environment for economic growth [7]. - The central bank will enhance its macro-prudential and financial stability functions to maintain market stability and prevent systemic risks [7].