6000亿元 人民银行日前披露，截至4月中旬已向中央财政上缴结存利润6000亿元。 人民银行4月20日消息，人民银行、银保监会日前联合召开金融支持实体经济座谈会。专家表示，当前 受疫情等因素影响，稳增长压力有所加大，人民银行等金融管理部门及时出台多项金融政策给予支持， 稳定市场预期。尤其是人民银行靠前发力加快向中央财政上缴结存利润，使资金直达实体经济，有力提 振有效需求。 主动靠前发力服务实体经济 在疫情防控和经济社会发展的关键时期，金融管理部门多措并举，持续加大对受疫情影响行业、企业、 人群等金融支持。 此次会议明确，金融系统要充分认识做好疫情防控和经济社会发展金融服务的紧迫性和重要性，切实抓 好《关于做好疫情防控和经济社会发展金融服务的通知》等金融政策的落地工作。要用好用足各项金融 政策，主动靠前发力服务实体经济。 人民银行日前披露，截至4月中旬已向中央财政上缴结存利润6000亿元。人民银行货币政策委员会委员 王一鸣表示，人民银行上缴结存利润主要用于留抵退税和增加向地方政府转移支付，直达实体经济，增 加经济主体手中的"真金白银"。 在光大银行金融市场部宏观研究员周茂华看来，人民银行向国库上缴的结存利润可定 ...

多国央行启动加息 中国银行研究院研究员梁斯表示，近期外部环境变化导致我国金融市场出现一定波动，但我国作为经济 大国货币政策操作坚持"以我为主"，重点服务国内经济发展大局。但对外部货币条件变化可能引发的风 险需及时关注，必要时积极运用货币政策工具引导市场预期，确保我国金融市场稳健运行。 "接下来监管层将会密切关注国内经济走势以及汇市和跨境资金流向，决定具体措施出台的时机和力 度。但从根本上说，不必高估美联储加快政策收紧步伐可能对国内货币政策形成的掣肘。"王青说。 我国货币政策立足"稳"相机"动" 当地时间5月4日，美国联邦储备委员会宣布上调联邦基金利率50个基点，同时宣布6月1日开始缩表。为 应对高通胀，多国央行最近启动加息，英格兰银行5日宣布加息25个基点。接受《经济参考报》记者采 访的多位业内人士表示，全球金融环境收紧不会从根本上影响国内货币政策走向。综合考虑内外部因 素，我国稳健货币政策持续发力的基调将持续强化，一方面，结构性货币工具将发挥更大作用，另一方 面，降准降息空间也有望再次打开。 多国央行加息应对通胀 美国联邦储备委员会日前如期宣布加息50个基点，将联邦基金利率目标区间上调到0.75%至1%之间 ...

Core Viewpoint - The People's Bank of China emphasizes proactive monetary policy to enhance financial services for the real economy, asserting that the country has the capacity to overcome challenges and achieve sustainable economic development [1]. Group 1: Monetary Policy Implementation - The report highlights that the monetary policy has been responsive and forward-looking, focusing on precision and autonomy to improve the quality of financial services for the real economy [1]. - The central bank plans to adhere to the principle of stability while promoting progress, fully implementing the new development concept, and accelerating the construction of a new development pattern [1]. Group 2: Support for the Real Economy - The monetary policy will increase support for the real economy, focusing on stabilizing growth, employment, and prices, while avoiding excessive liquidity [1]. - Structural monetary policy tools will be utilized to guide financial institutions in reasonable loan allocation, particularly towards key sectors and industries severely impacted by the pandemic [2]. Group 3: Price Stability and Risk Management - The central bank will closely monitor price trends to support the supply of food and energy, aiming to maintain overall price stability [2]. - There will be a focus on managing cross-border capital flows and maintaining the stability of the RMB exchange rate at a reasonable level, while also considering the monetary policy adjustments of major developed economies [2].

Core Viewpoint - The People's Bank of China emphasizes a prudent monetary policy that avoids excessive liquidity while maintaining overall price stability and supporting the real economy through targeted measures [1][2]. Group 1: Monetary Policy Implementation - The report highlights the importance of structural monetary policy tools to support key sectors and vulnerable groups, particularly small and micro enterprises affected by the pandemic [2]. - A significant increase in special re-lending quotas is proposed, including 200 billion yuan for technological innovation, 40 billion yuan for inclusive elderly care, and an additional 100 billion yuan for clean and efficient coal utilization [2]. - The central bank plans to introduce 100 billion yuan in re-lending to support logistics and warehousing enterprises [2]. Group 2: Interest Rate and Lending - The report indicates a downward trend in actual loan interest rates, with the average deposit rate falling to 2.37% in the last week of April, a decrease of 10 basis points from the previous week [5]. - The establishment of a market-oriented deposit rate adjustment mechanism is expected to further lower the Loan Prime Rate (LPR) in May [5]. - There is an expectation for commercial banks to reduce the LPR for loans with a term of five years or more, alleviating the cost pressure on homebuyers [6]. Group 3: Currency Stability - The report stresses the need to maintain the stability of the RMB exchange rate through a managed floating exchange rate system and macro-prudential management of cross-border capital flows [7]. - Recent measures include a reduction in the foreign exchange reserve requirement ratio by 1 percentage point, aimed at improving liquidity and stabilizing the RMB exchange rate [7]. - Analysts suggest that the pressure for rapid depreciation of the RMB has been alleviated, providing a foundation for maintaining stability in the future [8].

"这笔资金为我们公司的复工复产给了极大帮助，现在对未来的生产也更有信心了，真的非常感谢！"近日，湖州哥伦布物流科技有限公司从湖州银行获 得了600万元贷款，企业财务总监曹辉激动地说。 受疫情影响，专精特新企业湖州哥伦布物流科技有限公司的原材料成本及物流成本极速上涨，且今年正值公司发展壮大的特殊时期，对流动资金需求极 大。"我们在了解企业的需求后，第一时间进行联系上门对接，制定专项融资方案，而且了解到人民银行再贷款政策工具很适合他们，可以为他们申请人民 银行的低成本资金来减轻财务成本"湖州银行南太湖新区支行相关工作人员说。在贷款发放后，湖州银行根据"先发放贷款后申请支小再贷款"的流程，将于 近期向人民银行湖州市中心支行申请该笔支小再贷款。 指导银行机构加大信贷投放。通过建立健全监测通报工作机制，有效督促金融机构加大信贷投放。利用好再贷款再贴现、普惠小微贷款支持工具，积极 推动落实碳减排支持工具、科技创新再贷款、普惠养老专项再贷款等多项结构性货币政策工具，引导银行机构为市场主体积极发放优惠利率贷款。 精准帮扶受困市场主体。制订精准助企"优惠政策包"，梳理5方面、23项政策举措，依托民营企业金融联络员制度，通过开展 ...

会议还指出，深化金融供给侧结构性改革，引导大银行服务重心下沉，推动中小银行聚焦主责主 业，支持银行补充资本，共同维护金融市场的稳定发展，健全具有高度适应性、竞争力、普惠性的现代 金融体系。完善市场化利率形成和传导机制，优化央行政策利率体系，加强存款利率监管，着力稳定银 行负债成本，发挥贷款市场报价利率改革效能，推动降低企业综合融资成本。 【纠错】 【责任编辑:任想】 中国人民银行货币政策委员会2022年第二季度（总第97次）例会近日在北京召开。会议指出，要按 照"疫情要防住、经济要稳住、发展要安全"的明确要求，统筹抓好稳就业和稳物价，稳字当头、稳中求 进，强化跨周期和逆周期调节，加大稳健货币政策实施力度，发挥好货币政策工具的总量和结构双重功 能，主动应对，提振信心，为实体经济提供更有力支持，稳定宏观经济大盘。 会议指出，进一步疏通货币政策传导机制，保持流动性合理充裕，增强信贷总量增长的稳定性，保 持货币供应量和社会融资规模增速同名义经济增速基本匹配。在国内粮食稳产增产、能源市场平稳运行 的有利条件下，保持物价水平基本稳定。结构性货币政策工具要积极做好"加法"，精准发力，加大普惠 小微贷款支持力度，支持中小微企 ...

Group 1: Monetary Policy Insights - The central bank is expected to continue using targeted structural monetary policy tools to support enterprises affected by the pandemic, with a focus on increasing loan support for private enterprises to restore effective financing demand and assist in reshaping the industrial chain [2][3] - The possibility of lowering the Loan Prime Rate (LPR) is anticipated, as it would have a significant impact on stabilizing housing loans and expectations, especially given the current weak credit structure [3] - The monetary policy will also focus on stabilizing employment, prices, and promoting domestic demand while mitigating risks, which requires support for struggling industries and enhancing effective investment [3] Group 2: Fiscal Policy Developments - Fiscal policy is expected to continue to be strengthened in the second half of the year, with the issuance of special bonds reaching 34,062 billion yuan in the first half, completing 98.7% of the allocated quota [4] - There is potential for increasing the issuance of special bonds or advancing the issuance of next year's special bonds to address economic pressures [4][5] - The use of special bonds is anticipated to accelerate, with expectations for infrastructure investment and tax reductions to alleviate fiscal pressure [5][6]

Monetary Policy Overview - The People's Bank of China (PBOC) has maintained a supportive monetary policy stance in 2023, implementing various measures to support economic recovery and financial market stability [1][2] - Experts anticipate that monetary policy will continue to be moderately accommodative in the second half of the year, with a focus on boosting domestic demand and supporting foreign trade [1][2] Quantity-Based Tools - In May, the PBOC lowered the reserve requirement ratio by 0.5 percentage points, injecting approximately 1 trillion yuan of long-term liquidity into the market [1] - From March to June, the PBOC conducted four consecutive months of excess renewals of Medium-term Lending Facility (MLF) and utilized reverse repos to manage liquidity effectively [1] - Data from the PBOC indicates that in May, the growth rates of social financing, broad money (M2), and RMB loans were significantly higher than the nominal GDP growth rate, indicating robust support for the real economy [1] Price-Based Tools - The PBOC reduced the policy interest rate by 0.1 percentage points in May, leading to a corresponding decrease in the Loan Prime Rate (LPR) [3] - The average interest rate for newly issued corporate loans was approximately 3.2% in May, down about 50 basis points year-on-year, while the average rate for personal housing loans was around 3.1%, down about 55 basis points year-on-year [3] - Experts believe that further reductions in policy interest rates may occur to stimulate domestic demand and promote high-quality economic development [3][4] Structural Tools - The PBOC has increased the quotas for re-lending to support agriculture and small enterprises by 300 billion yuan each, and established a 500 billion yuan re-lending facility for service consumption and elderly care [6] - The central bank is expected to continue enhancing structural monetary policy tools to support key sectors such as technology innovation, consumption, and inclusive finance [6] - Analysts suggest that the focus will remain on diversifying the types of structural tools available, with potential new tools being introduced to align with fiscal and industrial policies [6][7]

■ 编者按 当前我国经济保持稳进态势。面对复杂严峻的外部环境和风险挑战，宏观政策将持续发力、适时加力。 本报今起推出"宏观政策瞭望"栏目，跟踪政策新进展，剖析政策新动向，展望经济新变化。 ● 本报记者 彭扬 8月5日发布的《关于金融支持新型工业化的指导意见》提出，发挥结构性货币政策工具激励作用。面对 严峻复杂的国内外经济环境，如何落实落细适度宽松的货币政策，结构性货币政策工具将在哪些领域重 点发力，备受投资者关注。 突出主线 精准滴灌 结构性工具是货币政策精准支持特定经济领域和薄弱环节的重要手段。在7月中旬国新办举行的新闻发 布会上，人民银行副行长邹澜表示，下一步，结构性货币政策工具将继续坚持"聚焦重点、合理适度、 有进有退"的原则，突出支持科技创新、提振消费等主线。 创设服务消费与养老再贷款，增加科技创新和技术改造再贷款和支农支小再贷款额度各3000亿元，下调 支农支小再贷款和各个专项结构性货币政策工具利率0.25个百分点……围绕支持重大战略、重点领域和 薄弱环节，人民银行在运用结构性货币政策工具方面动作颇多。 政策效果如何？数据给出答案：截至2025年5月末，银行和企业签订的科技创新和技术改造贷款金额达 ...

Core Viewpoint - The article emphasizes the importance of structural monetary policy tools in supporting specific economic sectors and addressing weaknesses in the economy, particularly in the context of China's ongoing economic stabilization efforts amid external challenges [1][2]. Group 1: Structural Monetary Policy Tools - Structural monetary policy tools are crucial for providing targeted support to specific economic areas and weak links, with a focus on technology innovation and consumption [2][3]. - The People's Bank of China (PBOC) plans to increase the quotas for technology innovation and agricultural loans by 300 billion yuan each, while also reducing the interest rates on various structural monetary policy tools by 0.25 percentage points [2]. - By May 2025, loans for technology innovation and technological transformation are expected to reach 1.7 trillion yuan, which is 1.9 times the amount at the end of 2024, indicating the effectiveness of these tools in supporting small and medium-sized technology enterprises [2]. Group 2: Financing Costs and Economic Support - The average interest rate for new corporate loans from January to June was approximately 3.3%, down about 45 basis points from the previous year, while personal housing loan rates were around 3.1%, down about 60 basis points [4]. - The PBOC aims to enhance the transmission of monetary policy and improve the effectiveness of interest rate policies, focusing on reducing non-interest costs such as collateral and intermediary service fees [4][5]. - The PBOC has been actively maintaining liquidity at a sufficient level by adjusting reserve requirements and utilizing various monetary policy tools to support economic growth [6]. Group 3: Future Expectations - There is an expectation for accelerated lending in technology innovation and consumption sectors, with potential new structural tools being developed to support foreign trade enterprises [3]. - The PBOC is likely to continue its trend of net injections of medium-term lending facilities (MLF) to ensure stable liquidity in the market, which will help mitigate external economic fluctuations [6].