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Economic Reference Header Comment: Monetary policy will continue to maintain stability and continuity

April 15, 2019 04:06
Author: Bear Park

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[Economic Reference Headline Commentary: Monetary Policy will continue to maintain stability and continuity] China's policy has always emphasized the choice of camera, and will fine-tune the pre-adjustment in due course. Therefore, given the signs of stabilization in the economy, it means that more easing measures will not be introduced in the short term, but the various easing policies that have been formulated since the beginning of the year are likely to be implemented. (Economic Information Daily)

According to the latest data of the People's Bank of China, the scale of new RMB loans and the scale of new social financing in March this year have risen sharply, significantly higher than market expectations.CreditThe structure has also improved. On the whole, financial data has improved since the beginning of the year, indicating ChinacurrencyThe effect of the policy counter-cyclical adjustment began to appear gradually, and the currency transmission mechanism is expected to be further cleared.

In terms of credit, RMB loans increased by 1.69 trillion yuan in March, which was higher than the market consensus and was significantly higher than the same period last year (1.12 trillion yuan);New creditThe cumulative increase was 5.8 trillion yuan, a substantial increase of 946.5 billion yuan year-on-year, and the average value of the past five years increased by 1.2 trillion yuan. In terms of structure, whether it is the month of March or the accumulation of January-March, the new corporate loans are better than the same period last year, which is better than the average of the past five years. At the same time, the scale of bill financing in March also narrowed significantly. The data indicates that the credit structure has been optimized and financing support for the real economy has begun to increase.

In terms of social financing, after the central bank adjusted the social and economic calibre twice in July and September 2018, the growth rate of the new and old circumstance was down for 12 consecutive months in 2018. By 2019, the scale of social welfare has begun to stabilize. The data shows that the growth rate of the stocks in the new 1-3 months is 10.4%, 10.1%, and 10.7%, respectively, which is higher than the fourth quarter of 2018 for three consecutive months. In terms of structure, it can be said that there are both joys and sorrows but happiness is greater than worry. Among them, “Happiness” has increased in the real economy in March, and corporate bonds and local government special debts have increased at a higher rate; worrying that off-balance sheet financing has not stabilized significantly. , the loan in the table still acts as an absoluteMain force.

In addition, the M2 and M1 year-on-year growth rates rebounded significantly in March. In particular, although the “M1-M2 scissors difference” has been negative for 14 consecutive months, the gap has narrowed for two consecutive months, which means that the investment vitality of enterprises has also improved. Looking back, it is expected that the M1-M2 scissors gap will continue to narrow, and the transmission of “wide currency” to “wide credit” will be further dredged.

Financial data has always been a forward-looking indicator of economic data, which indicates that China's economy will also stabilize. Statistics show that the growth rate of social welfare stocks leads the actual situationGDPAbout half a year, leading nominal GDP is about 1-3 quarters; M1-M2 scissors lead the nominal GDP growth rate of 3-8 months. From this point of view, the social welfare has stabilized for three consecutive months, and the probability of China's economy stabilizing in the second and third quarters is very high.

It is worth noting that due to the recent integration of social welfare and manufacturingPMIAnd the micro-data, such as power generation and coal consumption, all point to signs that the economy is good and stable, so the fear that the policy is likely to tighten will begin to heat up. However, considering multiple factors in a comprehensive way, from the current point of view, it is indeed optimistic about the economic side, but the economic fundamentals are not enough to make the general tone of policy loosening "step on the brakes."

On the one hand, China’s economic downturn is still relatively large. For example, in March, China's manufacturing PMI index was 50.5%. Although it was once again standing on the line of stagnation in three months, the index of each sub-item rebounded to varying degrees, but the demand index indicators such as the PMI new order index were still weak; The monthly export rebounded sharply, but more was the Spring Festival factor and the low base effect. The import growth rate continued to decline, indicating that domestic demand was relatively weak. This year's government work report emphasizes that "the environment facing China's development this year is more complicated and more severe. The risks and risks that can be expected and unpredictable are more and more serious, and we must fully prepare for hard work." In other words, the overall tone of the policy will still be to strengthen the bottom line thinking and counter-cyclical control thinking.

On the other hand, we must also see that China’s policy has always emphasized the choice of cameras and will fine-tune the pre-adjustment in due course. Therefore, given the signs of stabilization in the economy, it means that more easing measures will not be introduced in the short term, but the various easing policies that have been formulated since the beginning of the year are likely to be implemented. For example, this year's government work report has clearly stated that “increase the targeted reduction of small and medium-sized banks, and all the funds released will be used for private and small and micro enterprise loans.” In the second quarter, the liquidity gap of the banking system is still relatively large. It will still be a policy option for the monetary authorities.

  Heavy sound>>>

  Chen Yulu, deputy governor of the central bank: Steady monetary policy will be moderately moderate

  Interpretation by all parties>>>

  Haitong macro Jiang Chao: the necessity of monetary easing is reduced, the probability of RRR reduction is significantly weakened

  Guojun Strategy Li Shaojun: Two major signals for currency creation exceeding expectations, market risk appetite continues to be repaired

  Ren Zeping commented on March financial data: the focus of future monetary policy is wide currency to wide credit

(Article source: Economic Reference)

                (Editor: DF387)

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