Central Bank: Strengthen the implementation of stable monetary policy

Xinhua News Agency, Beijing, August 11th. "China Securities Journal" published an article on the 11th "Central Bank: Strengthening the Implementation of Stable Monetary Policy". The article states that the People's Bank of China issued a report on the implementation of China's monetary policy in the second quarter of 2022 on August 10. For the main ideas for the implementation of monetary policy in the next stage, the report pointed out that the implementation of stable monetary policy is increased, and the two functions and structural dual functions of monetary policy instruments are used to maintain reasonable liquidity and increasing credit support for enterprises.

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Provide more powerful support for the real economy

my country's economy is in the key window of a steady recovery. The report proposes to increase the implementation of stable monetary policy, give full play to the dual functions and structural dual functions of monetary policy tools, take the initiative to respond, boost confidence, do a good job of cross -cyclical adjustment, take into account short -term and long -term, economic growth and price stability, internal equilibrium, internal equilibrium With external equilibrium, insist on not engaged in "large water drilling", not exceeding currency, and provide more powerful and high -quality support for the real economy.

Regarding monetary credit, the report proposes that maintaining a reasonable liquidity, increasing credit support for enterprises, making good use of policy development financial instruments, focusing on supporting the construction of infrastructure fields, and maintaining a reasonable growth in monetary supply and social financing scale.

The report is quite a lot of structural monetary policy, emphasizing that structural monetary policy tools should be "focus on key points, reasonable and moderate, advanced and retreat", and highlight financial support in key areas and weak links.

Specific to implementing credit policies, the report is clear that the next stage will further promote the adjustment and optimization of the credit structure, improve the efficiency of financial resource allocation, accelerate the construction and continuously improve the system and mechanism that effectively supports the real economy, and strive to achieve stable currency credit, excellent structure in structure, excellent structural structure Dynamic balance. On the one hand, grasping the relationship between traditional driving force and emerging structural potential, "break the standing and slowly break down", enhance the stability of the total credit growth, and strive for the cultivation of emerging growth points; on the other hand,, on the other hand,, on the other hand,, on the other hand, Hurry up the favorable time window to "stand", guide credit resources to invest more in key areas of real economy transformation, tapped green investment, urban old communities, high -tech manufacturing, scientific and technological innovation and other structural potential, and promote the virtuous cycle of finance and the real economy.

In the opinion of the chief economist of CITIC Securities, under the current economic and financial situation, the monetary policy needs to be comprehensively considered in the grasp of the efforts, rhythm and strength. The focus of the policy is still to effectively boost demand. By maintaining a reasonable and moderate growth of credit, the effect of wide credit, investment promotion, and stable growth.

Price increase will still run in a reasonable range

"At any time, the central bank should keep paying great attention to the marginal changes of the price trend, comprehensively consider many factors, objectively judge the future inflation situation, and plan a good policy arrangement." The report said.

Recently, global inflation levels have continued to operate at a high level, especially the major developed economies have faced high -inflation pressures that have not been high for decades. In this context, the report further analyzes the current inflation situation in the form of a column. It is expected that my country's price increase will still run in a reasonable range this year, and it is expected to achieve the expected target of about 3%of the annual CPI increase of about 3%.

"Overall, domestic inflation pressure is relatively stable, and monetary policy still has room for power." Said Xu Qiyuan, deputy director of the Institute of World Economic and Political Research of the Chinese Academy of Social Sciences.

According to the report, on the one hand, in the fundamental perspective, my country has favorable conditions for maintaining the overall stability of the price level. On the other hand, we must also see that my country's structural inflation pressure may increase in the short term, and the pressure of input inflation is still existed. Under multiple factors, the price increase may be rebounded in a phase, and it cannot be taken lightly.

"It is expected that my country's CPI operation center in the second half of this year will rise from 1.7%in the first half of the year. In some months, the increase may exceed 3%, and the structural inflation pressure will increase." The report said that in the next stage, monetary policy will persist Stability, insist on not engaged in "big water and water irrigation", do not exceed currency, and take into account the balance of steady growth, employment, and stable prices.

Build a mechanism for preventing and resolving long -term financial risks

Preventing risk is the eternal theme of the financial industry. The report proposes to follow the principle of marketization and rule of law, coordinate economic development and risk prevention work, maintain the overall stability of the financial system, and resolutely maintain the bottom line that does not occur without systemic financial risks.

In terms of long -term mechanisms, the report emphasizes that we can improve the system of prevention, early warning, disposal, and accountability for financial risk prevention, early warning, disposal, and accountability, and build a long -term mechanism for preventing and resolving financial risks. Further improve the macro -prudential policy framework, improve the supervision of financial institutions in systemic importance, coordinate the supervision of financial holding companies, strengthen the construction of financial rule of law, pay close attention to the risks of key areas, further deepen the early correction and risk disposal functions of deposit insurance The main responsibility, local territorial responsibility, and the supervision responsibility of financial management departments, improve the financial risk accountability mechanism, and resolutely keep the bottom line that does not occur without systemic financial risks.

Sun Tianqi, director of the Financial Stability Bureau of the People's Bank of China, said recently that in the face of the current intricate international and domestic economic and financial situations, the financial management department must maintain a high degree of vigilance on various financial risks, further the prevalence of preventing and resolving financial risks, and firmly holding it firmly. The bottom line of systemic financial risks.

In addition, in terms of interest rates, the report proposes to improve the formation of market -oriented interest rate formation and conduction mechanism, optimize the central bank's policy interest rate system, strengthen the supervision of deposit interest rates, give play to the important role of the market -oriented adjustment mechanism of deposit interest rates, strive to stabilize the cost of bank liabilities, use the loan market quotation interest rateReform the effectiveness and guidance to promote the reduction of comprehensive financing costs of enterprises.Pay close attention to the impact of the economic trend of major developed economies and the overflow of monetary policy adjustment, and take care of the balance of internal and external balance.It is clearly expected that the People's Bank of China will guide the decline in financing costs through deepening the market -oriented reform of interest rates, promote banks to make more interests in medium- and long -term loans, and support and stimulate medium and long -term credit demand.

(Source: Xinhua News Agency)

【Edit: Yao Hao】

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