In the second quarter of the central bank, an expert said that the structural currency tools were still the main force of the structural currency tools.

On June 29, the People's Bank of China (hereinafter referred to as the "central bank") released news that the Central Bank Monetary Policy Committee was held on June 24th in the second quarter of 2022 (97th). According to a reporter from the Securities Daily, compared with the regular meeting of this year, this example has a number of new content and expressions.

In the first and second quarters, the regular meetings all emphasized that "stable characters are in the first, steady progress, strengthen the adjustment of cross -cycles and counter -cyclicals, and increase the implementation of stable monetary policy" "Dual functions and structural dual functions of monetary policy tools." However, this regular meeting has added the expression of "the epidemic should be defended, the economy must be stable, and the development must be safe ', and the overall planning to work well and stabilize the prices." In addition, it has also added the expressions such as "maintaining the level of domestic food stable production and increasing the energy market and the stable operation of the energy market, and the level of price level is basically stable."

In this regard, the chief economist of CITIC Securities said in an interview with the Securities Daily reporter that from the perspective of the tone, the regular meeting emphasized that the role of monetary policy stabilizer and prices must be played. At present, global inflation pressure is high, and overseas energy prices, oil prices, and food prices are relatively high. How to maintain domestic inflation stability is also one of the focus of monetary policy attention.

This regular meeting once again emphasized that "structural monetary policy tools should actively do a good law 'and make precise efforts". Use, technological innovation, inclusive pension, transportation and logistics special re -loan and carbon emission reduction support tools ".

In this regard, it is clearly believed that this indicates that structural monetary policy tools are still the main points of future monetary policy. By using structural monetary policy tools to support economic weak links and key areas, thereby promoting the steady economic growth of the economy.

In addition, this regular meeting proposed that "the effectiveness and guidance of the interest rate reform of the loan market quotation rate, and to promote the reduction of the comprehensive financing cost of the enterprise", and the expression of the first quarter of the first quarter was to "give full play to the effectiveness of the reform of the loan market quotation interest rate reform and promote the reduction of the comprehensive financing cost of the enterprise". " Essence

For the expression of the "guiding role of the loan market quotation interest rate '", it is clearly believed that the focus is still on the role of LPR (loan market quotation interest rate), especially through the market -oriented reform of LPR reforms and deposit interest rates, and release the reform dividends. Eventually reduce the cost of financing of the real economy. In the future, LPR may be further reduced to guide the actual loan interest rate.

According to Wen Bin, the chief economist of China Minsheng Bank, the reduction and interest rate cuts have a positive effect on "steady growth", and they still have a certain space in the future. He told a reporter from the Securities Daily that the expiration of convenience (MLF) in the mid -September and September and September and September and September period was large, and the capital of banks would gradually converge, and the central bank required the central bank to strengthen liquidity. It can be replaced with MLF due to reference, releasing long -term funds, reducing the cost of banking system funds, not only can guide the LPR interest rate down, but also encourage financial institutions to increase government bond allocation, reduce local government financing and re -financing costs, and better give full play to currency currency Coordination and coordination of policy and fiscal policies.

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