Central Bank: Deepen the market -oriented reform of the exchange rate and enhance the elasticity of the RMB exchange rate

Zhongxin Jingwei, June 29. According to the report of the central bank's WeChat signal on the 29th, the Monetary Policy Committee of the People's Bank of China was held in Beijing on June 24th in the second quarter of 2022 (total 97).

The meeting analyzed the economic and financial situation at home and abroad. The meeting believes that since this year, my country has adhered to the overall planning of epidemic prevention and control and economic and social development, effectively implemented macro policies, and stabilized the basic market for economic and social development to the greatest extent. The stable monetary policy is flexible and moderate, maintaining continuity, stability, and sustainability, scientifically manage market expectations, strive to serve the real economy, and effectively prevent and control financial risks. The loan market quotation interest rate reform dividends have continued to be released, the efficiency of monetary policy conduction has increased, loan interest rates have decreased steadily, the RMB exchange rate is expected to be stable, and the two -way floating elasticity is enhanced.

The meeting pointed out that the current global economic growth has slowed down, the inflation is high, geopolitical conflicts continue, and the external environment has become more complicated and severe. The domestic epidemic prevention and control situation is generally good, but the task is still difficult. Economic development is facing demand shrinkage, supply shock, expected transfer transfer Weak triple pressure.

In accordance with the clear requirements of "the epidemic must be defended, the economy must be stabilized, and the development must be safe", we must make a good job in stable employment and stable prices, stabilize the word, steadily seek progress, strengthen the adjustment of cross -cycle and reverse cycle, increase stability The implementation of monetary policy, exert the dual functions and structural dual functions of monetary policy tools, actively respond, boost confidence, provide more powerful support for the real economy, and stabilize the macroeconomic market.

Further unblock the monetary policy transmission mechanism, maintain reasonable liquidity, enhance the stability of the total credit growth, and maintain the basis of the growth rate of monetary supply and the growth rate of social financing. Under the favorable conditions of domestic grain production stable production and the smooth operation of the energy market, the level of price is basically stable. Structural monetary policy tools should actively do a good job of "adding the law", accurate efforts, increase support for inclusive small and micro loans, support small and medium -sized enterprises to stabilize employment, and use well support for coal clean and efficient utilization, technological innovation, inclusive pension, transportation, transportation, transportation, transportation, transportation, transportation, transportation, transportation, and transportation Logistics special re -loan and carbon emission reduction support tools, comprehensively appointment to support coordinated development of the region, and guide financial institutions to increase support for small and micro enterprises, scientific and technological innovation, and green development.

Deepen the structural reform of the financial supply side, guide the focus of the large bank's service to sink, promote small and medium -sized banks to focus on the main business, support banks to supplement capital, jointly maintain the stable development of the financial market, and improve the high degree of adaptability, competitiveness, inclusiveness Modern financial system. Improve market -oriented interest rate formation and conduction mechanism, optimize the central bank's policy interest rate system, strengthen the supervision of deposit interest rates, strive to stabilize the cost of bank liabilities, give full play to the effectiveness and guidance of the loan market quotation interest rate reform, and promote the reduction of comprehensive financing costs of enterprises.

Deepen the market -oriented reform of the exchange rate, strengthen the elasticity of the RMB exchange rate, guide enterprises and financial institutions to adhere to the concept of "risk neutrality", strengthen expected management, grasp the internal equilibrium and external equilibrium balance, and maintain the basic stability of the RMB exchange rate at a reasonable balance.

Establish an institutional mechanism that effectively supports the real economy, improve the financial support innovation system, guide financial institutions to increase the medium- and long -term loans of the manufacturing industry, strive to stabilize the industrial chain supply chain, and strive to achieve financial support for private enterprises and the economic and social development of private enterprises. The contribution is compatible to promote the realization of carbon peaks and carbon neutrality to improve the green financial system.

Maintain the legitimate rights and interests of housing consumers, better meet the reasonable housing needs of home buyers, and promote the healthy development of the real estate market and a virtuous circle. Promote the high level of financial openness in two -way opening, and improve economic and financial management capabilities and ability to prevent and control risks under open conditions.

The meeting emphasized that we must adhere to the general tone of the work of steady progress, complete the new development concepts in a complete, accurate, and comprehensive implementation of the new development pattern. Adhere to the main line of deepening the supply -side structural reform, implement the strategy of expanding the domestic demand, continue to do a good job of "six stability" and "six guarantees", further strengthen the coordination of departments, promote the stability of the economic package policy as soon as possible, take advantage of stability The policy effects of economic and helping enterprises, coordinate financial support the real economy and risk prevention, maintain economic operation in a reasonable range, promote the high -quality economic development, and welcome the 20th victory of the party. (Zhongxin Jingwei APP)

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