Original title: The central bank released the report on the implementation of China’s monetary policy in the second quarter of 2022 to maintain a reasonable growth of the money supply and social financing scale
Source: Securities Daily reporter Liu Qi
On August 10, the People’s Bank of China released the report on the implementation of China’s monetary policy for the second quarter of 2022. The report pointed out that since the beginning of this year, the People’s Bank of China has resolutely implemented the decision-making and deployment of the Party Central Committee and the State Council, put stability at the forefront, pursued progress while maintaining stability, adopted a prudent monetary policy with flexibility and appropriateness, effectively implemented a package of policy measures to stabilize the economy, and resolutely supported the stabilization of the overall economic market.
The report believes that the current global economic growth is slowing down, inflation is running at a high level, geopolitical conflicts continue, the external environment is more severe and complex, the foundation for domestic economic recovery still needs to be solid, and structural inflationary pressures may increase. But in general, the fundamentals of my country’s long-term economic growth have not changed, the economy has maintained strong resilience, and the macro policy adjustment tools are abundant, and there are many favorable conditions for promoting high-quality economic development. thing.
The People’s Bank of China pointed out in the report that my country’s economic operation is gradually recovering, the relationship between supply and demand is basically stable, and monetary conditions are moderate. The expected target of an average increase of around 3% is expected to be achieved, and the increase in PPI will generally continue to decline during the year.
The report emphasizes that in the next stage, the People’s Bank of China will adhere to the principle of maintaining stability and seeking progress while maintaining stability, fully, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, deepen the supply-side structural reform, and build a modern central bank system. We will improve the modern monetary policy framework, focus on the implementation of policy measures, focus on stabilizing employment and prices, and play the key role of effective investment to consolidate the trend of economic recovery.
Strengthen the implementation of a prudent monetary policy, give full play to the dual functions of monetary policy tools in terms of total volume and structure, take the initiative to respond, boost confidence, and do a good job of cross-cycle adjustment, taking into account the short-term and long-term, economic growth and price stability, internal balance and external balance , insist on not engaging in “flooding”, not over-issuing currency, and providing stronger and higher-quality support for the real economy.
Maintain a reasonable and sufficient liquidity, increase credit support for enterprises, make good use of policy-based development financial tools, focus on supporting the construction of infrastructure, maintain a reasonable increase in the money supply and social financing scale, and strive to achieve the best results in economic operation . We will pay close attention to changes in the inflation situation at home and abroad, continuously consolidate favorable conditions for stable and increased domestic grain production and stable operation of the energy market, and make appropriate responses to keep the price level basically stable. Structural monetary policy tools are actively “additional”, increase the support for inclusive small and micro loans, support small and medium-sized enterprises to stabilize employment, and make good use to support the clean and efficient utilization of coal, technological innovation, inclusive pensions, special re-loans for transportation and logistics, and Support tools for carbon emission reduction, promote financial resources to be tilted towards key areas, weak links, industries and market entities severely affected by the epidemic, and cultivate new economic growth points.
Improve the formation and transmission mechanism of market-oriented interest rates, optimize the central bank’s policy interest rate system, strengthen the supervision of deposit interest rates, give play to the important role of the market-oriented adjustment mechanism of deposit interest rates, focus on stabilizing the cost of bank liabilities, give play to the efficiency and guiding role of the reform of interest rates quoted in the loan market, and promote the reduction of corporate interest rates. Comprehensive financing costs. Pay close attention to the economic trends of major developed economies and the spillover effects of monetary policy adjustments, and focus on internal and external balance. Adhere to a managed floating exchange rate system based on market supply and demand, adjusted with reference to a basket of currencies, adhere to bottom-line thinking, strengthen macro-prudential management of cross-border capital flows, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
Following the principle of marketization and the rule of law, coordinate economic development and risk prevention work, maintain the overall stability of the financial system, and resolutely guard the bottom line of no systemic financial risks. Focus on stabilizing the macroeconomic market, keep the economy operating within a reasonable range, strive to achieve the best results, and take practical actions to welcome the victory of the Party’s 20th National Congress.
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Responsible editor: Wang Meng