The latest report of the central bank!New changes in monetary policy signals

China News Service, August 12th (China Singapore Finance Palace Hongyu) On the 10th, the central bank issued a report on the implementation of China's monetary policy in the second quarter of 2022. A series of new signals.

Stable price is the first goal of the central bank

The year -on -year growth rate of China's CPIs has reached a new high since August 2020. In the latest report, the central bank has strengthened its attention to inflation. When looking forward to the world economy, "the current high inflation is becoming the biggest challenge for global economic development". In the form of a column, the current inflation situation in China is detailed. From the perspective of the central bank, prices can still achieve the expected goals this year, but they should be alert to structural inflation pressure.

Wen Bin, chief economist of China Minsheng Bank, pointed out to the "China New Observation" column of China News Network that the changes in the inflation situation at home and abroad became the most concerned about the second quarter monetary policy implementation report, and determined the next step under the primary goal of maintaining the stability of the currency value. The main tone of monetary policy.

Wen Bin believes that based on the research and judgment of the inflation situation in the second half of the year, the monetary policy of the next stage will also adhere to the steady orientation, insist on not engaged in "large water irrigation", not exceeding currency, and take care of the steady growth, employment, and prices stable prices. Balance.

At the same time, it is necessary to continuously consolidate the favorable conditions for domestic food stable production and the smooth operation of the energy market, and make proper responses. To this end, the meeting held by the Political Bureau of the Central Committee of the Communist Party of China on July 28 also proposed that it is necessary to strengthen food safety guarantee, improve energy resources supply and guarantee capabilities, and increase efforts to plan and build a new energy supply and consumption system.

Data Map: People's Bank of China. Photo by Zhang Xinglong, a reporter from China News Agency

Increase the support of inclusive small and micro -support to stabilize employment

In Wen Bin's view, the central bank is optimistic and cautious about domestic economic research and judgment. In the second quarter, the implementation of monetary policy implementation reports no longer emphasize "triple pressure", showing that the economic trend is better, but compared to the first quarter, the focus of the epidemic is exuding economic operation to economic operations. The impact of the current domestic lack of effective demand has become an important constraint of stable economy. In the environment of industry recovery, the foundation of the industry is not firm, and the employment pressure of young people is under pressure ", it is necessary to work hard to stabilize the economy.

He believes that the foundation of domestic economic recovery needs to be stable, enterprises and residents are still not strong to increase leverage, and the high unemployment rate is high. It is necessary to further accelerate the implementation of policy, improve policy conduction efficiency, actively expand domestic demand, stabilize and effective investment, increase the Pupu Pupa Hui Xiaowei loan supports, supports small and medium -sized enterprises for stable employment.

The connotation of stable monetary policy changes

Wen Bin's interpretation stated that at the next stage, the general tone of monetary policy "stabilizing the characters and seeking progress in stability" remains unchanged, but under the pressure of structural inflation, the connotation may change.

In the second quarter, the implementation report of the monetary policy put forward "taking into account short -term and long -term, economic growth and stable prices, internal equilibrium and external equilibrium, insist on not engaged in 'big water drilling', do not exceed the currency, and provide a stronger and more quality of quality for the real economy to provide a stronger and more quality of quality. At the same time, it is more emphasized in terms of fixed tone. "Practical implementation of policies and measures" means that the monetary policy has completed the mission of "forward force". In the environment of promoting high -quality economic development, the necessity of the total amount of monetary policy tools is not strong, and the probability of decreased or reduced the policy interest rates in the short term.

Under the premise of "no currency" and maintaining a reasonable liquidity, follow -up will be implemented with a solid package of policy and measures, using policy development financial instruments, supporting the construction of infrastructure fields, and maintaining currency to maintain currency The reasonable increase in supply and social financing scale, strive to achieve the best results of economic operation. Various structural re -loan tools and development, policy financial instruments will become an important support for credit in the second half of the year.

Persist in "not frying in the house", because the city's policy uses a good policy toolbox

For real estate issues that are concerned about the market, the implementation report of monetary policy in the second quarter emphasizes "housing housing does not speculate" and "do not use real estate as a means to stimulate the economy"; "Toolbox" promotes the healthy development of the real estate market and a virtuous circle.

Wen Bin pointed out that under the early series of real estate policies and measures, the real estate market recovered the margin of the real estate market, but in July, the "suspension of loans" incidents in individual real estate caused insufficient confidence in residents 'purchase of houses. Real estate sales have weakened again, and signs of residents' signs of shrinkage continue. At the same time, under the impact of factors such as high -level demands, the savings rate is high, the mortgage and commercial loan interest rate inverted, the asset yield and liability cost gap, the gap between the asset yield and liability rate rate has increased Weakened, and the foundation is still not solid.

In order to achieve the state of "three stability" (stable price, stable house prices, and stable expectations), there will be a possibility of continuous relaxation in the future demand side. It is expected that local governments will continue to introduce various stable real estate measures according to the actual situation, including but not limited to some cities in some cities The "four -limit" relaxation, the principle of "recognizing the house and recognizing loans" adjustment support and supporting improvement, and further reduction of mortgage interest rates to boost confidence and activate the market.

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