面對復(fu)雜嚴峻(jun)的內外(wai)部(bu)形勢(shi)，按照黨中(zhong)央、國(guo)務院決策部(bu)署(shu)，中(zhong)國(guo)人民(min)(min)銀行(xing)堅(jian)持(chi)穩中(zhong)求進工作(zuo)總(zong)基調，堅(jian)持(chi)金(jin)融(rong)(rong)服(fu)務實(shi)體經濟的根本要求， 保(bao)持(chi)宏觀調控定力(li)， 繼(ji)續實(shi)施(shi)好穩健的貨幣(bi)政策，主動(dong)作(zuo)為、精準發(fa)力(li)，保(bao)持(chi)貨幣(bi)信貸(dai)和社(she)會(hui)融(rong)(rong)資(zi)規模平穩增長(chang)，促進信貸(dai)結(jie)構(gou)優化， 扭轉局(ju)部(bu)性(xing)社(she)會(hui)信用(yong)收(shou)縮態勢(shi)，緩(huan)解民(min)(min)營和小微企(qi)業融(rong)(rong)資(zi)難融(rong)(rong)資(zi)貴問題(ti)， 穩妥化解中(zhong)小銀行(xing)局(ju)部(bu)性(xing)、結(jie)構(gou)性(xing)流(liu)動(dong)性(xing)風險， 深化金(jin)融(rong)(rong)供給側結(jie)構(gou)性(xing)改革(ge)， 為實(shi)現“六(liu)穩” 和經濟高(gao)質(zhi)量發(fa)展營造了適宜的貨幣(bi)金(jin)融(rong)(rong)環境。

一是保持定力， 有效應對國內外不確定因素影響。穩健的貨(huo)幣政策保持(chi)松緊(jin)適度， 抓住(zhu)銀(yin)行(xing)是貨(huo)幣創造(zao)主體(ti)(ti)及貨(huo)幣政策傳(chuan)導(dao)中(zhong)樞的關(guan)鍵，緩(huan)解銀(yin)行(xing)信貸(dai)供給面臨的流(liu)動性、利(li)率(lv)和(he)資本約束。 靈活運用存款準備金率(lv)、中(zhong)期(qi)借貸(dai)便利(li)、 常備借貸(dai)便利(li)、 公開(kai)市場(chang)操(cao)作(zuo)等多種貨(huo)幣政策工具保持(chi)流(liu)動性合理充裕。 引導(dao)市場(chang)利(li)率(lv)整體(ti)(ti)下行(xing)， 疏通貨(huo)幣市場(chang)利(li)率(lv)向(xiang)信貸(dai)利(li)率(lv)的傳(chuan)導(dao)，緩(huan)解利(li)率(lv)約束。 以永續債為突破(po)口補充商(shang)業銀(yin)行(xing)一(yi)級資本，創設(she)并開(kai)展央(yang)行(xing)票據(ju)互換操(cao)作(zuo)予以支持(chi)。

二是精準發力， 著力加大對實體經濟的支持力度。發(fa)揮好再貸(dai)(dai)款(kuan)、再貼現、 定向降準(zhun)(zhun)和定向中期借貸(dai)(dai)便利操作等工(gong)具引(yin)(yin)導信貸(dai)(dai)結構(gou)優(you)化的作用； 推(tui)進金(jin)融(rong)供給側結構(gou)性改革， 構(gou)建“三(san)檔兩優(you)”存款(kuan)準(zhun)(zhun)備金(jin)政策(ce)框架， 引(yin)(yin)導中小銀行(xing)回(hui)歸基層、服務實體； 調整(zheng)普惠(hui)金(jin)融(rong)小微企業(ye)貸(dai)(dai)款(kuan)考核口徑(jing)，擴大(da)普惠(hui)金(jin)融(rong)定向降準(zhun)(zhun)優(you)惠(hui)政策(ce)覆蓋(gai)面； 擴大(da)民營企業(ye)債券(quan)融(rong)資(zi)支(zhi)持工(gong)具試點；在宏觀審(shen)慎評估(gu)中增設制(zhi)造業(ye)中長期貸(dai)(dai)款(kuan)和信用貸(dai)(dai)款(kuan)等指標(biao)，調整(zheng)小微和民營企業(ye)貸(dai)(dai)款(kuan)指標(biao)，引(yin)(yin)導金(jin)融(rong)機(ji)構(gou)加大(da)對實體經濟的信貸(dai)(dai)支(zhi)持力度。

三是繼續深化利率市場化改革，完善人民幣匯率市場化形成機制。推(tui)進貸款利(li)率(lv)“兩軌合一軌”，完善(shan)市(shi)(shi)場化的利(li)率(lv)形成、調控和傳(chuan)導 機(ji)制(zhi)。人(ren)民幣(bi)(bi)匯率(lv)以(yi)市(shi)(shi)場供求為基礎雙向(xiang)浮(fu)動(dong)，參考一籃子貨(huo)幣(bi)(bi)匯率(lv)變化，保持(chi)了(le)在(zai)合理均衡水平上的基本(ben)穩(wen)定。 建立在(zai)香港發行中央銀行票據的常(chang)態機(ji)制(zhi)，完善(shan)香港人(ren)民幣(bi)(bi)債券收(shou)益(yi)率(lv)曲線。

四是堅守底線，防范化解重大金融風險。全面依法依規、 穩(wen)妥有序地(di)接(jie)管包商(shang)銀行， 最大限度(du)保障了最廣大儲戶(hu)合法權益， 有針對性地(di)完善了再貼(tie)現、常備借貸(dai)便利、存款準備金和(he)流(liu)動(dong)性再貸(dai)款四道(dao)防(fang)線，創新工具恢復(fu)同業(ye)信心，防(fang)范(fan)化解中(zhong)小銀行流(liu)動(dong)性風險(xian)，防(fang)范(fan)道(dao)德風險(xian)，有效維(wei)護市場(chang)穩(wen)定，切實防(fang)范(fan)風險(xian)外溢。

總(zong)(zong)體(ti)來看，穩(wen)健的貨(huo)幣(bi)政策(ce)取得了(le)較好成效。銀行體(ti)系流動性(xing)合(he)理(li)充(chong)裕，貨(huo)幣(bi)市場利(li)率保持(chi)(chi)平(ping)(ping)穩(wen)；貨(huo)幣(bi)供(gong)應量、社會融(rong)(rong)(rong)資(zi)規模適度增(zeng)(zeng)長(chang)；金融(rong)(rong)(rong)機(ji)構貸款增(zeng)(zeng)長(chang)較快，信(xin)貸結構繼續改善，金融(rong)(rong)(rong)對實(shi)體(ti)經濟特別是民營、小微企業(ye)的支(zhi)持(chi)(chi)力度較為穩(wen)固；在推動高質(zhi)量發展中及時防范和(he)化解重(zhong)點領(ling)域(yu)的金融(rong)(rong)(rong)風(feng)險。6月(yue)末(mo)， M2同(tong)(tong)比增(zeng)(zeng)長(chang)8.5％，社會融(rong)(rong)(rong)資(zi)規模存量同(tong)(tong)比增(zeng)(zeng)長(chang)10.9％，與名(ming)義GDP增(zeng)(zeng)速基本匹配。上(shang)半(ban)年人(ren)民幣(bi)貸款新增(zeng)(zeng)9.7萬億元，同(tong)(tong)比多(duo)增(zeng)(zeng)6440億元，多(duo)增(zeng)(zeng)部(bu)分主要投(tou)向(xiang)了(le)民營和(he)小微企業(ye)等薄(bo)弱環節(jie)。6月(yue)，企業(ye)貸款加權平(ping)(ping)均利(li)率比上(shang)年高點下(xia)降0.32個(ge)百分點。6月(yue)末(mo)，CFETS人(ren)民幣(bi)匯率指(zhi)數為92.66，人(ren)民幣(bi)匯率預(yu)期平(ping)(ping)穩(wen)。主要宏觀經濟指(zhi)標保持(chi)(chi)在合(he)理(li)區間，上(shang)半(ban)年國內生產總(zong)(zong)值（GDP）同(tong)(tong)比增(zeng)(zeng)長(chang)6.3％，居民消費價格(ge)（CPI）同(tong)(tong)比上(shang)漲2.2％。

當前，中國經(jing)濟保(bao)持(chi)平(ping)穩發(fa)展的(de)有利(li)因素較多(duo)，三(san)大攻(gong)堅(jian)戰(zhan)進(jin)展良好，供給側結構性(xing)(xing)改革不斷深化，改革開放(fang)有力推進(jin)，經(jing)濟增(zeng)(zeng)(zeng)長保(bao)持(chi)韌性(xing)(xing)，宏(hong)觀(guan)(guan)政策效果逐步(bu)顯現。但世界(jie)經(jing)濟形勢仍然錯綜復(fu)雜，外(wai)部不確定不穩定因素增(zeng)(zeng)(zeng)多(duo)。我國發(fa)展長短(duan)期、內(nei)外(wai)部等因素變化帶來的(de)風險挑戰(zhan)增(zeng)(zeng)(zeng)多(duo)，國內(nei)經(jing)濟下行壓力加(jia)大，內(nei)生增(zeng)(zeng)(zeng)長動(dong)(dong)力還有待進(jin)一步(bu)增(zeng)(zeng)(zeng)強。對此要客觀(guan)(guan)認識，理性(xing)(xing)看待，堅(jian)定信心，保(bao)持(chi)定力，做好充分準(zhun)備，認真辦好自己的(de)事，采取(qu)短(duan)期和長期相結合、微觀(guan)(guan)與(yu)宏(hong)觀(guan)(guan)相結合的(de)針對性(xing)(xing)措(cuo)施，推動(dong)(dong)形成(cheng)有效的(de)最終(zhong)需(xu)求和新的(de)增(zeng)(zeng)(zeng)長點(dian)。

下一階(jie)段，中(zhong)(zhong)(zhong)(zhong)國人民(min)銀行(xing)將繼續以習(xi)近(jin)平新(xin)時代中(zhong)(zhong)(zhong)(zhong)國特色社會主(zhu)義思想為(wei)指導(dao)，全面貫徹(che)黨(dang)中(zhong)(zhong)(zhong)(zhong)央、國務院決策(ce)部(bu)(bu)署，堅(jian)持(chi)(chi)新(xin)發展(zhan)(zhan)理(li)(li)(li)念，堅(jian)持(chi)(chi)推(tui)進(jin)改(gai)革開放，統籌國內國際兩個大局，統籌穩(wen)增(zeng)長、促(cu)(cu)改(gai)革、調(diao)結構、惠民(min)生(sheng)、防風(feng)險(xian)、保穩(wen)定(ding)(ding)，進(jin)一步(bu)做(zuo)好(hao)“六穩(wen)”工(gong)(gong)作。注重以供(gong)給側(ce)結構性改(gai)革的(de)(de)辦法(fa)穩(wen)需求，在推(tui)動高質(zhi)量發展(zhan)(zhan)中(zhong)(zhong)(zhong)(zhong)防范化解(jie)(jie)風(feng)險(xian)。穩(wen)健(jian)的(de)(de)貨(huo)幣(bi)(bi)政(zheng)策(ce)要松緊適(shi)度，保持(chi)(chi)流動性合理(li)(li)(li)充裕，適(shi)時適(shi)度實(shi)施(shi)逆(ni)周期(qi)(qi)(qi)調(diao)節(jie)，引(yin)(yin)導(dao)廣(guang)義貨(huo)幣(bi)(bi)M2和(he)社會融(rong)(rong)(rong)(rong)(rong)資(zi)規(gui)模增(zeng)速(su)與名義GDP增(zeng)速(su)相(xiang)匹配。加(jia)強宏觀(guan)政(zheng)策(ce)協調(diao)配合，疏(shu)通(tong)貨(huo)幣(bi)(bi)政(zheng)策(ce)傳(chuan)導(dao)，創新(xin)貨(huo)幣(bi)(bi)政(zheng)策(ce)工(gong)(gong)具和(he)機(ji)(ji)制，引(yin)(yin)導(dao)金(jin)融(rong)(rong)(rong)(rong)(rong)機(ji)(ji)構增(zeng)加(jia)對制造業、民(min)營企業的(de)(de)中(zhong)(zhong)(zhong)(zhong)長期(qi)(qi)(qi)融(rong)(rong)(rong)(rong)(rong)資(zi)，更好(hao)地發揮(hui)貸款市場報(bao)價利(li)率(lv)（LPR）在實(shi)際利(li)率(lv)形(xing)成中(zhong)(zhong)(zhong)(zhong)的(de)(de)引(yin)(yin)導(dao)作用，降(jiang)低小(xiao)微(wei)企業融(rong)(rong)(rong)(rong)(rong)資(zi)實(shi)際利(li)率(lv)。加(jia)強預期(qi)(qi)(qi)引(yin)(yin)導(dao)，穩(wen)定(ding)(ding)市場預期(qi)(qi)(qi)。把握好(hao)處(chu)置風(feng)險(xian)的(de)(de)力度和(he)節(jie)奏，穩(wen)妥化解(jie)(jie)中(zhong)(zhong)(zhong)(zhong)小(xiao)金(jin)融(rong)(rong)(rong)(rong)(rong)機(ji)(ji)構流動性風(feng)險(xian)，堅(jian)決阻斷風(feng)險(xian)傳(chuan)染和(he)擴散，健(jian)全宏觀(guan)審(shen)慎(shen)管(guan)(guan)(guan)理(li)(li)(li)，與金(jin)融(rong)(rong)(rong)(rong)(rong)微(wei)觀(guan)審(shen)慎(shen)監管(guan)(guan)(guan)、功能(neng)監管(guan)(guan)(guan)和(he)行(xing)為(wei)監管(guan)(guan)(guan)形(xing)成合力，促(cu)(cu)進(jin)金(jin)融(rong)(rong)(rong)(rong)(rong)市場體系健(jian)康(kang)穩(wen)定(ding)(ding)運行(xing)。協調(diao)好(hao)本外(wai)幣(bi)(bi)政(zheng)策(ce)，處(chu)理(li)(li)(li)好(hao)內部(bu)(bu)均(jun)衡和(he)外(wai)部(bu)(bu)均(jun)衡之(zhi)(zhi)間(jian)的(de)(de)平衡，保持(chi)(chi)人民(min)幣(bi)(bi)匯率(lv)在合理(li)(li)(li)均(jun)衡水平上(shang)的(de)(de)基本穩(wen)定(ding)(ding)。深化金(jin)融(rong)(rong)(rong)(rong)(rong)供(gong)給側(ce)結構性改(gai)革，加(jia)快完善金(jin)融(rong)(rong)(rong)(rong)(rong)體系內在功能(neng)，形(xing)成實(shi)體經濟供(gong)給體系、需求體系與金(jin)融(rong)(rong)(rong)(rong)(rong)體系之(zhi)(zhi)間(jian)的(de)(de)三角(jiao)良性循環。

附件：