本报记者 王彤旭 值得关注的是，报告首次将"促进物价合理回升"提升至货币政策重要考量维度。"这既反映出对当前低 通胀压力的重视，也指向未来政策将更注重平衡内需提振、预期改善与价格稳定之间的协同关系，致力 于实现多重目标的动态平衡。"武泽伟说。 中国人民银行日前发布的《2025年第二季度中国货币政策执行报告》（以下简称报告）显示，上半年货 币政策逆周期调节效果较为明显，金融总量平稳增长，社会融资成本处于低位，信贷结构不断优化，人 民币汇率在合理均衡水平上保持基本稳定。同时，报告明确了下一阶段货币政策的主要思路：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。 落实落细存量政策 相较于《2025年第一季度中国货币政策执行报告》中"实施好适度宽松的货币政策"的表述，此次报告调 整为"落实落细适度宽松的货币政策"。 报告明确，要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、 ...

Group 1 - The core viewpoint emphasizes the importance of financial support for the real economy, with the People's Bank of China focusing on serving the real economy as a primary direction for its policies [1][5] - Key financial metrics show an increase in total financing, with social financing stock growing by 8.9% year-on-year and RMB loans increasing by 7.1% [5] - The reduction in financing costs is highlighted, with the average interest rate on new corporate loans at approximately 3.3%, down by about 45 basis points compared to the previous year [5] Group 2 - The support for small and micro enterprises is a significant focus, with a mechanism established to facilitate direct access to bank credit for these businesses [7][11] - The mechanism has successfully visited over 90 million small business entities, resulting in new credit issuance of 23.6 trillion yuan and new loans of 17.8 trillion yuan, with credit loans accounting for 32.8% [11] - The positive trend in financing for small and micro enterprises is attributed to three main factors: increased volume, expanded coverage, and reduced costs [11][13] Group 3 - Financial support for technological innovation is also a critical aspect, with measures introduced to optimize loans for technological innovation and establish a "technology board" in the bond market [14][17] - By the end of May, the amount of loans for technological innovation and technological transformation reached 1.7 trillion yuan, 1.9 times that of the end of 2024 [17] - Challenges remain for some tech enterprises in securing financing, primarily due to difficulties in assessing technological value and mismatches in risk and return [19]

Core Viewpoint - The central bank's monetary policy reform has been ongoing for nearly a year, transitioning towards a "price-based" adjustment mechanism while increasing the use of structural monetary policy tools. The article explores the innovations in the monetary policy framework, the actual usage of structural tools, and the changes in market interest rates [1][4][26]. Group 1: Changes in Monetary Policy Framework - The central bank has established a liquidity supply structure that includes pledged reverse repos for short-term liquidity, buyout reverse repos for medium-term liquidity, and MLF, reserve requirements, and secondary market purchases of government bonds for long-term liquidity [12]. - The process of interest rate liberalization has accelerated since 2013, with significant milestones including the introduction of the Loan Prime Rate (LPR) and the establishment of the interest rate corridor mechanism [4][6]. - A narrower "overnight-7 days" interest rate corridor has been implemented, allowing for more flexible monetary policy adjustments and a higher tolerance for upward interest rate fluctuations [6][8]. Group 2: Current Status of Structural Tools - The transmission of monetary policy is hindered by a lack of endogenous financing demand, with funds not converting into real investments and consumption due to economic structural transformation and internal circulation of funds within the banking system [2][13]. - The usage rates of structural monetary policy tools are low, with only a few tools exceeding a 50% usage rate, while many others, particularly those targeting real estate and transportation, are below 30% [18][19]. - The challenges in utilizing structural tools stem from industry development limitations and execution difficulties, as well as the cyclical nature of industries and declining relative advantages [19][23]. Group 3: Impact of Framework Adjustments on Interest Rates - The central bank is likely to separate the policy goals of narrow and broad liquidity, maintaining a balance that does not adversely affect real financing [26]. - Market interest rates have shown three types of inversion phenomena, including the inversion between 7-day and overnight rates, indicating a mismatch in the transmission of interest rates from short to long [29][31]. - The yield curve for government bonds has flattened, with short-term rates rising sharply due to tightening liquidity, while long-term rates remain constrained by economic fundamentals and expectations of interest rate cuts [33].