二季度货政报告强调了什么？（国金宏观孙永乐）

Core Viewpoint - The article emphasizes the need for a stable monetary policy in response to ongoing economic challenges, highlighting the importance of implementing a moderately loose monetary policy and utilizing structural monetary policy tools [4]. Group 1: Monetary Policy Execution Report Highlights - The second quarter monetary policy execution report shows a more positive outlook on price recovery, indicating that the Consumer Price Index (CPI) is expected to see a moderate rebound due to various positive factors [5]. - The report notes that the Producer Price Index (PPI) may reach a bottom and start to recover, aided by a low base from the previous year and the impact of "anti-involution" on commodity prices [5]. - However, July economic data showed a significant decline, with fixed asset investment growth dropping by 1.2 percentage points to 1.6% and retail sales growth falling by 1.1 percentage points to 3.7% [5]. Group 2: Policy Tools and Measures - The report indicates that there will be no reduction in reserve requirements or interest rates, maintaining a "quantity-wide and price-stable" monetary policy approach [7]. - The average interest rate on new RMB loans decreased by 15 basis points to 3.29%, with net interest margins for commercial banks reaching historical lows [7]. - The central bank emphasizes the need to improve the efficiency of fund usage and prevent capital from flowing into the capital market at low prices, which could inflate asset prices [8]. Group 3: Structural Support Initiatives - The report highlights four key areas for structural support: small and micro financial services, financial support for technological innovation, credit structure optimization, and financial support for consumption [12]. - Approximately 70% of new loans are allocated to the technology sector, with double-digit growth rates, indicating a focus on promoting the development of the technology bond market [14]. - The report also mentions the importance of coordinating monetary credit policies with fiscal measures, such as providing interest subsidies for personal consumption loans and loans to service industry entities [14].