Core Viewpoint - The forum highlighted the need for a shift in China's monetary policy from quantity-based to price-based approaches, emphasizing the importance of nominal GDP growth over just real GDP growth [1][2] Group 1: Economic Context - China's economic growth has slowed in recent years, prompting a focus on nominal GDP growth [1] - The government's adjustment of the CPI target from 3% to 2% reflects a heightened concern for price stability [1] Group 2: Key Issues in Price Stability - International factors pose risks, particularly regarding supply chain disruptions [1] - The real estate market remains sluggish, leading to reduced local government revenues and insufficient recovery in public capital spending, which contributes to weak overall demand [1] - There is inadequate growth in household operational and asset income [1] Group 3: Monetary Policy Recommendations - Short-term monetary policy should shift focus from GDP growth to price stability and employment [1] - There is a need for better coordination with global macroeconomic policies to avoid misalignment [1] - The transition of policy tools from quantity-based to price-based approaches is essential [1][2]

Group 1 - The 17th BRICS summit opened in Rio de Janeiro, Brazil, focusing on six key topics: global health, trade investment and development financing, climate change response, artificial intelligence governance, global security architecture reform, and BRICS mechanism construction [1] - The U.S. President Trump signed the "Big and Beautiful" tax and spending bill, which was passed by the House of Representatives with a vote of 218 to 214 [1] - India plans to impose retaliatory tariffs on the U.S. in response to increased tariffs on automobiles and parts, which have affected its exports [1] Group 2 - South Korean President Lee Jae-myung approved the first supplementary budget of the new government, which will provide up to 550,000 KRW in consumer vouchers to citizens [2] - Germany's factory orders decreased by 1.4% month-on-month in May, marking the first decline in four months, attributed to increased trade and geopolitical uncertainties [2] Group 3 - U.S. stock markets were closed for a holiday on Friday [3] Group 4 - COMEX gold futures rose by 0.11% to $3,346.5 per ounce, while COMEX silver futures increased by 0.14% to $37.135 per ounce [4] Group 5 - U.S. oil main contract fell by 0.75% to $66.5 per barrel, and Brent oil main contract decreased by 0.42% to $68.51 per barrel [5] - The U.S. dollar index declined by 0.13% to 96.99, with the euro rising by 0.17% against the dollar to 1.1777 [5]

Group 1 - The European Central Bank (ECB) is committed to maintaining a 2% inflation target and will take all necessary measures to ensure inflation remains at this level [1][2] - ECB President Christine Lagarde stated that the current interest rate level is appropriate and reaffirmed the recent statements regarding the interest rate path, indicating that the ECB is in a good position [1][2] - Market expectations suggest that the ECB will likely keep the current interest rates unchanged in the upcoming monetary policy meeting [2] Group 2 - Lagarde emphasized the importance of strengthening the European economy to enhance the value of the euro, stating that the value of currencies like the euro largely depends on economic strength [3] - She acknowledged the external challenges but stressed that the ECB will maintain certainty and stability in price stability [2] - Lagarde called for policymakers to intensify efforts to promote economic development in Europe, highlighting the continent's incredible potential [2]

欧洲央行行长拉加德：我们将采取一切必要措施以实现我们的通胀目标，目前价格保持稳定。 ...

Group 1 - The core viewpoint is that despite the positive performance of Japanese companies, there are risks associated with U.S. tariffs that need to be monitored closely [1] - The Bank of Japan (BOJ) is maintaining an accommodative monetary policy as it approaches its inflation target, but has not fully achieved it yet [1][2] - There is a moderate upward trend in capital expenditure according to the BOJ's short-term economic observation survey, with no significant changes reported [1] Group 2 - High inflation in the U.S. and actions by the Federal Reserve are critical factors that the BOJ plans to monitor closely in the coming months [1] - The BOJ is considering further adjustments to its monetary easing measures if corporate positive behavior can be confirmed to continue [2] - The Japanese economy is nearing its price stability target, with expectations of moderate consumption growth and improving corporate profits [2]

日本央行审议委员高田创：在美国关税影响变得更加明确之前，很难准确预测日本央行的通胀目标何时 能够完全实现。 ...

日本央行审议委员高田创：国内因素显示日本经济正朝着完全实现日本央行的通胀目标迈进，但同时受 到外部因素的巨大压力。 ...

Core Viewpoint - The Bank of Japan is close to achieving its inflation target but has not fully reached it, thus it needs to maintain its accommodative monetary policy [1] Summary by Relevant Categories Monetary Policy - The Bank of Japan's committee member Takeda Sho states that the current monetary policy remains necessary due to the incomplete achievement of the inflation target [1]

日本央行审议委员高田创：日本央行的通胀目标接近实现。日本经济最终经历了几次短暂的经济反弹， 这些复苏被全球需求冲击所中断。 ...

欧洲央行管委雷恩表示，欧洲央行目前处于良好的位置，但没有理由掉以轻心；不能让低于预期的通胀 改变市场预期； 汇率并非政策目标；欧元升值帮助欧洲央行实现了2%的通胀目标。 ...