PBOC Q2 Monetary Policy Report: Effects of Moderately Loose Policy Continue to Emerge, Financial Services for Real Economy Improve in Quality and Efficiency

The report noted that the effects of the moderately loose monetary policy continue to emerge, with broadly accommodative social financing conditions and steady improvements in the quality and efficiency of financial services for the real economy. Total financial aggregates maintained reasonable growth, with the stock of social financing and broad money supply (M2) at end-June growing by 7.4% and 8.0% year-on-year, respectively. Banking system liquidity remained ample, with the average overnight rate DR001 in the first six months at 1.31%, operating broadly stable.