Central bank: insist on not engaging in "big water", not exceeding the currency

Zhongxin Jingwei, August 10th. On the 10th, the central bank issued the "Implementation Report of the China Monetary Policy in the Second quarter of 2022" (hereinafter referred to as the "Report") pointed out that it is necessary to increase the implementation of stable monetary policy and give full play to the overall overall monetary policy tools Dual functions and structural dual functions; insist on not engaged in "large water drilling", do not exceed currency, and provide more powerful and higher quality support for the real economy.

The "Report" shows that the current global economic growth has slowed down, the inflation is high, geopolitical conflicts continue, and the external environment is more complicated and severe. The foundation of domestic economic recovery needs to be stable. On the one hand, the "three lows and one high" situation of "low inflation, low interest rates, low growth, and high debt" before the epidemic is undergoing fundamental changes, especially the high inflation problem is becoming the biggest challenge facing most economies. In order to control high inflation, the main developed economies have accelerated the tightening of monetary policy, and the impact of overflowing the overflow of emerging economies through foreign trade and foreign capital, exchange rate fluctuations, and financial markets has increased significantly. The risk of landing increases. On the other hand, domestic consumption recovery faces challenges such as small residents' income, damage to the balance sheet, and limited consumption scenarios. There are still some difficulties in actively expanding effective investment. , Stabilize the economy and work hard.

The "Report" pointed out that it must be seen that the long -term fundamental fundamentals of my country's economy have not changed, the economy has maintained strong toughness, the macro policy regulation tools are abundant, and there are many favorable conditions to promote the high -quality development of the economy.

Regarding the main policy ideas in the next stage, the "Report" pointed out eight key contents:

一是加大稳健货币政策实施力度，发挥好货币政策工具的总量和结构双重功能，主动应对，提振信心，搞好跨周期调节，兼顾短期和长期、经济增长和物价稳定、内部均衡和External equilibrium, insist on not engaged in "large water drilling", do not exceed currency, and provide more powerful and higher quality support for the real economy.

The second is to maintain reasonable liquidity, increase the credit support for enterprises, make good use of policy development financial instruments, focus on supporting the construction of infrastructure, maintain a reasonable growth in the amount of money supply and the scale of social financing, and strive to achieve economic operations the most. Good result.

The third is to pay close attention to the changes in the inflation situation at home and abroad, continuously consolidate the favorable conditions for domestic food stable production, and the stable operation of the energy market, make proper responses, and keep the price level basically stable.

Fourth, structural monetary policy tools actively do a good job of "addition", increase support for inclusive micro -loan, support small and medium -sized enterprises to stabilize employment, and use the special support for coal cleaning and efficient use, scientific and technological innovation, inclusive pension, transportation and logistics, and then follow the special. Loans and carbon emission reduction support tools, promote financial resources to key areas, weak links, and industries that are seriously affected by the epidemic, and foster new economic growth points.

Fifth, 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, play the effectiveness of the reform of the loan market quotation interest rate reform, and promote Reduce the cost of comprehensive financing of enterprises.

Sixth, closely pay attention to the impact of the economic trend of major developed economies and the overflow of monetary policy adjustments, and take care of the internal and external balance.

Seventh, adhere to the market supply and demand, refer to a basket of currency to adjust, and manage the floating exchange rate system, adhere to the bottom line of thinking, strengthen the macro -prudential management of cross -border funds flow, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

Eighth, 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. (Zhongxin Jingwei APP)

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