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The central bank's monetary policy committee held a first quarter regular meeting: a sound monetary policy should be tight and moderate

April 15, 2019 17:39
source: Central bank website

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[PBC's Monetary Policy Committee held its first quarterly regular meeting on April 12] The meeting emphasized that it is necessary to comprehensively use multiple monetary policy tools to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, in terms of interest rates, exchange rates and balance of payments. Maintain balance, promote stable and healthy economic development, stabilize market expectations, lay a good foundation for preventing and defusing financial risks, and defending against the bottom line of systemic financial risks. (Central Bank)

People's Bank of ChinacurrencyThe Policy Committee's first quarter of 2019 (the 84th) regular meeting was held in Beijing on April 12.

The meeting analyzed the economic and financial situation at home and abroad. The meeting held that China's current economy is developing healthily, economic growth remains resilient, and growth momentum is accelerating. The RMB exchange rate is generally stable, the financial market is expected to improve, and the ability to cope with external shocks is enhanced. The prudent monetary policy reflects the requirements of counter-cyclical adjustment, the macro leverage ratio tends to be stable, the effectiveness of financial risk prevention and control appears, and the quality and efficiency of the financial services real economy gradually increase. The structural adjustments in the domestic economic and financial fields have undergone positive changes, but there are still some deep-seated problems and prominent contradictions. The international economic and financial situation is complicated and uncertain.

The meeting pointed out that it is necessary to continue to pay close attention to the marginal changes in the international and domestic economic and financial situation, enhance the sense of urgency, maintain strategic strength, adhere to counter-cyclical adjustment, further strengthen coordination between monetary, fiscal and other policies, timely pre-adjust fine-tuning, and focus on Risk prevention based on steady growth. Steady monetary policy should be tight and appropriate, and the good money should be supplied to the general gate, not to engage in “big flood irrigation”, while maintaining a reasonable liquidity, and the growth rate of broad money M2 and social financing should beGDPThe nominal growth rate matches. Continue to deepen the reform of the financial system, improve the dual-pillar regulation framework of monetary policy and macro-prudential policy, and steadily advanceinterest rateSuch reforms in key areas will further unblock the channels of transmission of monetary policy. In accordance with the requirements of deepening the structural reform of the financial supply side, focusing on the adjustment and optimization of the financial system structure, optimizing the financing structure andCreditStructure, strive to achieve financial support for private enterprises and the contribution of private enterprises to economic and social development. Comprehensive measures to improve the quality and efficiency of the financial services real economy, improve small and micro enterprises and "three rural" financial services, promote a stable monetary policy, enhance the vitality of micro-subjects and play a role in the capital market to form a virtuous cycle of triangles, and promote a virtuous cycle of the national economy as a whole . Further expand the high-level two-way opening of finance, improve the ability of economic and financial management and risk prevention and control under open conditions, and improve the ability to participate in international financial governance.

The meeting stressed that it is necessary to take Xi Jinping's new era of socialism with Chinese characteristics as the guide, conscientiously implement the spirit of the 19th Party Congress, the Central Economic Work Conference and the government work report, continue to follow the decision-making arrangements of the Party Central Committee and the State Council, and persist in striving for stability. The overall tone is to stimulate the vitality of micro-subjects, innovate and improve macro-control, further stabilize employment, stabilize finance, stabilize foreign trade, stabilize foreign investment, stabilize investment, and stabilize expectations. Comprehensive use of multiple monetary policy tools to maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.interest rateBalance between exchange rate and international balance of payments, promote steady and healthy economic development, stabilize market expectations, and lay a good job in preventing and resolving financial risks and defending the bottom line of systemic financial risks.

The meeting was chaired by Yi Gang, President of the People's Bank of China and Chairman of the Monetary Policy Committee. Monetary Policy Committee members Lian Weiliang, Liu Wei (Ministry of Finance), Chen Yulu, Liu Guoqiang, Ning Jizhen, Guo Shuqing, Yi Huiman, Pan Gongsheng, Tian Guoli, Liu Shijin, Liu Wei (Renmin University of China) and Ma Jun attended the meeting. Ding Xuedong was on leave for official business. The responsible comrades of the Shenyang Branch of the People's Bank of China, Jinan Branch and Chengdu Branch attended the meeting.

  Analysis and interpretation >>

  The idea of ​​"putting good money to the general gate" reappears! What signals are also disclosed in the regular meeting of the central bank's monetary policy committee?

  Policy adjustment signal! The Monetary Policy Committee's regular meeting will be severely challenged and other key expressions. Further relaxation of space narrowing?

  Policy signal changes? Re-raising “Managing the main gate of money supply” Key points The central bank’s heavy meeting also said?

(Article source: Central Bank website)

                (Editor: DF075)

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