Yi Gang, President of the People's Bank of China: Monetary policy will continue to support the economic recovery from the total amount

28jun

Wen | Liu Qi

On June 27, the website of the People's Bank of China showed that in an interview with the media, the President of the People's Bank of China said that China's monetary policy has always been compatible with the support of the development of the real economy. Basic the growth rate of currency M2 and social financing basically match the growth rate of nominal GDP, maintain reasonable liquidity, and support the development of small and medium -sized enterprises to achieve maximum employment goals. Yi Gang introduced that in the past 10 years, China's market interest rate level has declined steadily. The level of natural interest rates is mainly determined by the marginal output rate of capital and the development trend of the long -term population. China's interest rate formation mechanism is determined by market supply and demand. The central bank guides market interest rates by using monetary policy tools. At present, the interest rate of regular deposits is about 1%-2%, and the bank loan interest rate is about 4%-5%. At the same time, the bonds and stock markets operate more effectively. Considering the level of inflation, it can be seen that the actual interest rate level is quite low, and the financial market can effectively allocate resources. my country implements a flexible exchange rate system based on market supply and demand and referring to a basket of currencies for adjustment. Compared with 20 years ago, the exchange rate of the RMB to the US dollar was about 25%, the name exchange rate on the nominal exchange rate of a basket of currency appreciated by about 30%, and the actual exchange rate appreciation was higher. "China's inflation prospects are relatively stable, CPI increases by 2.1%year -on -year, and PPI increases by 6.4%year -on -year. Maintaining price stability and maximizing employment is our focus." Yi Gang said, "Since this year, affected by epidemic and external impact, The Chinese economy is facing a certain downward pressure. Monetary policy will continue to make efforts from the total amount to support the economic recovery. At the same time, we will also emphasize the application of structural monetary policy tools such as SMEs and green transformation. " The issue of transformation, Yi Gang talked about the monetary policy, the first and most important responsibilities of the central bank are to maintain stability of prices. Having said that, some central banks still have policy space to promote green transformation through structural monetary policy. Yi Gang said that the People's Bank of China has done a lot of work to promote green transformation. In 2018, the People's Bank of China included high -quality green bonds and loans into the scope of qualified mortgage in the interim loan convenience. Last year, the two new monetary policy instruments were launched by carbon emission reduction support tools and supported coal clean and efficient use of special re -loan. For 1.75%, the supporting financial institutions provide low -cost financing for projects with significant carbon reduction effects. As of the end of May this year, the People's Bank of China issued more than 21 billion yuan to relevant financial institutions through two tools, driving the reduction of carbon emissions by more than 60 million tons of carbon dioxide, accounting for about 0.6%of China's annual carbon emissions. According to Yi Gang, as of March 2022, China's green loan balance has exceeded 18 trillion yuan, which has grown rapidly. The balance of green bonds in China is about 1.3 trillion yuan, ranking among the best in the world. Yi Gang also pointed out that in order to implement green monetary policy tools fairly and efficiently, in the whole process of designing and implementing monetary policy tools that support green transformation, the information is open and transparent, and the supervision is strictly in place. Yi Gang said that in the international field, the People's Bank of China and the parties actively guided market funds to support climate change response. In the next step, the People's Bank of China will continue to promote green financial international cooperation through multi -bilateral platforms to better serve my own carbon peaks and carbon neutrality.

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