中国人民银行：2025年第二季度中国货币政策执行报告（英文版）（57页）.pdf

1、China Monetary Policy ReportQ2 2025(August 15,2025)Monetary Policy Analysis Group ofthe Peoples Bank of ChinaIExecutive SummarySince the beginning of 2025,under the strong leadership of the CPC CentralCommittee with Comrade Xi Jinping as its core,stepped-up efforts have been made toimplement proacti

2、ve and effective macroeconomic policies.Chinas economy hasdeveloped steadily on a positive trajectory,and major economic indicators haveperformed well,demonstrating strong vitality and resilience.In H1,the GrossDomestic Product(GDP)grew 5.3 percent year on year,with a sustained uplift insocial confi

3、dence as well as solid progress in high-quality development.Following theguidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a NewEra,the Peoples Bank of China(PBOC)earnestly implemented the decisions andarrangements of the CPC Central Committee and the State Council.The PBO

4、C haspursuedanappropriatelyaccommodativemonetarypolicy,strengthenedcounter-cyclical adjustments,and employed a mix of policy tools to support thehigh-quality development of the real economy,thereby creating a favorable monetaryand financial environment for sustained economic recovery and development

5、.First,money and credit maintained reasonable growth.In May,the required reserveratio(RRR)was lowered by 0.5 percentage points,releasing approximately RMB1trillion in long-term liquidity into the market.The PBOC kept liquidity adequate byusing a mix of tools,including the open market operations(OMOs

6、),medium-termlending facility(MLF)operations,and central bank lending and discounts.Financialinstitutions were encouraged to fully satisfy the effective credit needs of the realeconomy and to enhance the efficiency of fund utilization so as to improve the qualityand efficiency of financial services