中国人民银行(下称"央行")8月15日发布《2025年第二季度中国货币政策执行报告》(下称"《报告》")， 总结上半年货币政策执行情况，分析当前经济金融形势，明确下一阶段政策取向。 本次《报告》多篇专栏聚焦信贷结构优化和金融支持实体经济高质量发展，指出我国信贷结构在不断优 化，对金融"五篇大文章"的支持力度加大，科技、绿色、普惠、养老、数字等相关领域贷款增量占比约 七成。 对于下一阶段货币政策主要思路，《报告》提出，落实落细适度宽松的货币政策。根据国内外经济金融 形势和金融市场运行情况，把握好政策实施力度和节奏，保持流动性充裕，使社会融资规模、货币供应 量增长同经济增长、价格总水平预期目标相匹配，持续营造适宜的金融环境。 《报告》强调，把促进物价合理回升作为把握货币政策的重要考量，推动物价保持在合理水平。据《报 告》分析，依法依规治理企业低价无序竞争对物价的合理回升将产生积极影响。 货币政策逆周期调节效果较为明显 今年上半年，央行进一步加大逆周期调节力度，5月宣布一揽子货币政策措施并在1个月内全部落地实 施，有效提振信心、稳定预期，为推动经济持续回升向好营造适宜的货币金融环境。《报告》总结称， 货币政策逆周期 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately accommodative monetary policy to support economic recovery amid a complex external environment and domestic challenges [1][2]. Group 1: Monetary Policy Implementation - In the first half of the year, China's GDP grew by 5.3%, with key economic indicators such as production, consumption, investment, and trade performing better than expected, largely due to effective monetary policy support [2]. - The PBOC implemented a series of significant monetary policy measures, including interest rate cuts and adjustments to structural monetary policy tools, totaling ten initiatives aimed at stimulating the economy [2][3]. - The report indicates that the monetary policy's effects are accumulating, with a focus on maintaining liquidity and aligning the growth of social financing and money supply with economic growth and price expectations [3]. Group 2: Structural Optimization - The report highlights four key areas of focus: inclusive finance for small and micro enterprises, financial support for technological innovation, credit structure optimization, and promoting consumption [4]. - Over the years, the PBOC has worked to optimize the credit structure, shifting the focus of new loans from real estate and infrastructure to technology, green initiatives, and inclusive finance, which now account for a significant portion of new loans [5][6]. - The proportion of medium- and long-term loans has increased by nearly 11 percentage points over the past decade, providing stable funding support for high-quality economic development [6]. Group 3: Consumer Spending and Financial Support - The report notes that service consumption currently accounts for less than 50% of per capita consumption expenditure in China, indicating substantial growth potential in this area [7]. - The financial sector is encouraged to enhance the supply of high-quality services to stimulate effective demand and unlock consumption growth potential [7].

Core Viewpoint - The central bank emphasizes the implementation of a moderately loose monetary policy to support economic recovery and maintain a stable financial environment [1][5]. Group 1: Monetary Policy Implementation - The central bank's report highlights that the monetary policy has entered a phase of "moderate easing," with a focus on counter-cyclical adjustments and the use of various monetary policy tools to support high-quality economic development [2][3]. - A series of monetary policy measures have been implemented in the first half of the year, including interest rate cuts and adjustments to structural monetary policy tools, aimed at enhancing financial services for the real economy [2][3]. - As of June, the social financing scale and broad money supply (M2) grew by 8.9% and 8.3% year-on-year, respectively, indicating stable financial growth [3][4]. Group 2: Economic Environment and Challenges - The report acknowledges a complex and severe external environment, with weakening global economic growth and increasing trade barriers, while also noting the resilience and potential of the domestic economy [5][6]. - The central bank aims to maintain reasonable growth in financing and money supply, while also focusing on optimizing the structure of financial resources to support innovation and green development [6][7]. Group 3: Future Policy Directions - The central bank plans to continue implementing moderately loose monetary policies, ensuring the effective transmission of previous policies and enhancing flexibility in response to economic conditions [6][7]. - There is a strong emphasis on aligning macroeconomic policies, including fiscal and industrial policies, to create a cohesive approach to economic recovery [6][7].

Group 1 - The People's Bank of China will implement a moderately loose monetary policy in the upcoming period, ensuring ample liquidity and aligning the growth of social financing and money supply with economic growth and price level expectations [1][2] - The report emphasizes the importance of promoting a reasonable recovery in prices as a key consideration for monetary policy [1] - There will be improvements in the interest rate adjustment framework, with a focus on enhancing the guidance of central bank policy rates and the transmission mechanism of market-based interest rates [1] Group 2 - The monetary policy tools will be utilized to support technological innovation, boost consumption, assist small and micro enterprises, and stabilize foreign trade [2] - The report highlights the importance of maintaining a managed floating exchange rate system and ensuring the stability of the RMB exchange rate at a reasonable and balanced level [2] - There is a commitment to explore and expand the central bank's macro-prudential and financial stability functions to maintain financial market stability and prevent systemic financial risks [2]

随后去年央行三季度货币政策执行报告、第四季度中国货币政策执行报告、2025年第一季度中国货币政 策执行报告中均提到"把促进物价合理回升作为把握货币政策的重要考量"，截至目前"把促进物价合理 回升作为把握货币政策的重要考量！"已经连续四个季度出现在了货币政策执行报告中。 金融界8月15日消息 央行释放重磅信号，把促进物价合理回升作为把握货币政策的重要考量！ 15日晚间，央行发布2025年第二季度中国货币政策执行报告。报告提出，下一阶段，落实落细适度宽松 的货币政策。根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度和节奏，保持流动 性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配，持续营造适宜的 金融环境。把促进物价合理回升作为把握货币政策的重要考量，推动物价保持在合理水平。进一步完善 利率调控框架，强化央行政策利率引导，完善市场化利率形成传导机制，发挥市场利率定价自律机制作 用，持续强化利率政策的执行和监督，降低银行负债成本，推动社会综合融资成本下降。探索拓展中央 银行宏观审慎与金融稳定功能，维护金融市场稳定，坚决守住不发生系统性金融风险的底线。 相关表述连续四个季度现身 ...

更多消息，持续更新中 15日，中国央行发布2025年第二季度中国货币政策执行报告。 其中提出，进一步完善利率调控框架，强化央行政策利率引导，完善市场化利率形成传导机制，发挥市 场利率定价自律机制作用，持续强化利率政策的执行和监督，降低银行负债成本，推动社会综合融资成 本下降。畅通货币政策传导机制，提高资金使用效率，防范资金空转，把握好金融支持实体经济和保持 自身健康性的平衡。发挥好货币政策工具总量和结构双重功能，用好结构性货币政策工具，加力支持科 技创新、提振消费、小微企业、稳定外贸等。 下阶段，落实落细适度宽松的货币政策。根据国内外经济金融形势和金融市场运行情况，把握好政策实 施的力度和节奏，保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目 标相匹配，持续营造适宜的金融环境。把促进物价合理回升作为把握货币政策的重要考量，推动物价保 持在合理水平。 更多消息，持续更新中…… 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况 或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately accommodative monetary policy to support economic growth and maintain price stability, while addressing the challenges posed by a complex external environment [1][3][6]. Group 1: Monetary Policy Implementation - The PBOC aims to ensure sufficient liquidity in the market, aligning the growth of social financing and money supply with economic growth and price level expectations [1][7]. - The report highlights the importance of promoting a reasonable recovery in prices as a key consideration for monetary policy [1][7]. - The PBOC plans to enhance the interest rate adjustment framework and strengthen the guidance of policy interest rates to lower the cost of bank liabilities and reduce overall financing costs [1][4][7]. Group 2: Economic Indicators - In the first half of the year, China's GDP grew by 5.3% year-on-year, indicating strong economic vitality and resilience [3]. - By the end of June, the social financing scale and broad money supply (M2) increased by 8.9% and 8.3% year-on-year, respectively, with the RMB loan balance reaching 268.6 trillion yuan [5]. 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, while enhancing the monitoring and assessment of financial risks [4][6][7]. - The report outlines measures to support key areas such as technological innovation, consumption, and small and micro enterprises through targeted monetary policy tools [4][7].

央行发布2025年第二季度中国货币政策执行报告。下阶段，落实落细适度宽松的货币政策。根据国内外 经济金融形势和金融市场运行情况，把握好政策实施的力度和节奏，保持流动性充裕，使社会融资规 模、货币供应量增长同经济增长、价格总水平预期目标相匹配，持续营造适宜的金融环境。把促进物价 合理回升作为把握货币政策的重要考量，推动物价保持在合理水平。 ...

人民财讯8月15日电，央行发布2025年第二季度中国货币政策执行报告，下一阶段，保持融资和货币总 量合理增长。进一步落实好适度宽松的货币政策，抓好各项货币政策措施执行。强化逆周期调节，根据 国内外经济金融形势和金融市场运行情况，把握好政策实施的力度和节奏。密切关注海外主要央行货币 政策变化，持续加强对银行体系流动性供求和金融市场变化的分析监测，综合运用多种货币政策工具， 保持流动性充裕。引导银行稳固信贷支持力度，保持金融总量合理增长，使社会融资规模、货币供应量 增长同经济增长和价格总水平预期目标相匹配，持续营造适宜的金融环境。 ...

其中提出，下阶段，落实落细适度宽松的货币政策。根据国内外经济金融形势和金融市场运行情况，把 握好政策实施的力度和节奏，保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总 水平预期目标相匹配，持续营造适宜的金融环境。把促进物价合理回升作为把握货币政策的重要考量， 推动物价保持在合理水平。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...