Central Bank: Structural monetary policy tools should actively do a good job of "addition"

Recently, the CPPCC Monetary Policy Committee was held in Beijing in the second quarter of 2022 (97th) in Beijing.

According to the official website of the central bank, the reporter of "Daily Economic News" found that compared with the first quarter meeting of the Central Bank Monetary Policy Committee, some new federations appeared in this regular meeting. Including the clear requirements of "to be in accordance with the 'epidemic of prevention, stabilize the economy, and develop safely', and make overall planning for stable employment and stable prices", "In the favorable conditions of domestic food stable production and increase in energy markets, keep prices Levels are basically stable "," Increase support for inclusive micro -loan, and support stable employment of small and medium -sized enterprises ".

Zhou Maohua, a macro researcher at the Everbright Bank Financial Market Department, said in an interview with reporters that from the content of the first and second quarters, there are several places to be consistent. One is that the focus of monetary policy continues to bid to stable employment and prices. The main body of the market, stable employment, protecting the people's livelihood, promoting internal circulation and accelerating economic recovery; the second is to continue the tone of stable monetary policy. In the second quarter, we face the impact of multiple factors internal and external factors. Policies, the year -on -year growth rate of social finances and M2 basically matches the nominal GDP, and the monetary policy remains stable; the third is to continue to play the advantages of total and structural tools, fully tap the potential for reform of interest rates, guide financial institutions to increase inclusive small and micro enterprises, green development of green development, green development , Manufacturing, infrastructure and other key emerging areas support; and guide financial institutions to reasonably reduce the cost of comprehensive financing of the real economy.

Increase the support for inclusive micro -loan

The reporter noticed that in the second quarter, the regular meeting pointed out: "In accordance with the clear requirements of the 'epidemic to prevent, the economy must be stable, and the development of development, they must be done well. Cross -cycle and reverse cycle adjustment, increase the implementation of stable monetary policy, give full play to 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. "

The corresponding expressions in the first quarter meeting are: "It is necessary to stabilize the characters, seek advancement, strengthen the adjustment of cross -cycles and reverse cycles, increase the implementation of stable monetary policies, enhance forward -looking, accurate, autonomous, and use the currency to make good use of currencies The total amount and structural dual function of policy tools, actively respond, boost confidence, provide more powerful support for the real economy, and stabilize the macroeconomic market. "

In addition, in terms of structural monetary policy expressions, the second quarter regular meeting pointed out that structural monetary policy tools should actively do a good job of "adding methods", accurate efforts, increase the support of inclusive small and micro loans, and support the stable employment of small and medium -sized enterprises. Good support for coal cleaning and efficient utilization, scientific and technological innovation, inclusive pension, transportation and logistics special re -loan and carbon emission reduction support tools, comprehensively apply to support the coordinated development of the region, guide financial institutions to increase support for small and micro enterprises, scientific and technological innovation, and green development Essence

There is still room for reduction in the future and interest rate cuts

The meeting also pointed out that the market -oriented reform of the exchange rate, enhanced the elasticity of the RMB exchange rate, guided enterprises and financial institutions to adhere to the concept of "risk neutral", strengthened expected management, grasped the balance of internal equilibrium and external balance, and maintained the RMB exchange rate at a reasonable balance level. Basic stability. 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.

Zhou Maohua said that at present, the impact of the global epidemic has not yet fully ended, geographical conflicts, global supply chains and industrial chains are more complicated, coupled with frequent climate, international energy, grain and industrial raw materials commodity markets have fluctuated fiercely; the domestic economy is facing existing existing domestic economy. In terms of demand, there are also impacts to test the wisdom of macroeconomic regulation. In addition, the policy must "take the right medicine" and balance the growth and preventive risk.

Wen Bin, chief economist of Minsheng Bank, said: "In the second half of the year, my country should adhere to the monetary policy operation of 'main' at the same time '' internal and external ', and continue to play the dual functions of the total amount and structure. Insufficient issues, increase support for key areas and weak links through structural policies. "

Wen Bin said that the reduction and interest rate cuts have a positive effect on "steady growth" and still have certain space in the future. In the mid -August and September and September period, the expiration of the loan convenience (MLF) has a large amount, and the capital of banks will gradually converge, and the central bank needs to strengthen liquidity to hedge. 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.

Daily Economic News

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